More Crisis for Etisalat as EFCC May Investigate $1.2b Loan Taken by the Firm

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There are indications that the EFCC might start an investigation into the $1.2b loan taken by Etisalat Nigeria that forced banks to take over the firm.

Strong indications emerged on Wednesday that consortium of 13 banks, involved in Etisalat Nigeria’s 1.2 billion dollar loan is seeking the Federal Government’s intervention to investigate the management.

A management source close to the banks told the News Agency of Nigeria (NAN) in Lagos that the banks want the government, through the EFCC, to wade into the matter, by investigating what the company did with the loan.

The source alleged that the loans were siphoned and needed to be investigated by the EFCC, noting, there was no proof of what the company did with the loan.

He said that the affected banks had rolled out a lot of viable options to Etisalat for the loan to be restructured, but was rejected by the company.

The source said that the banks were not into telecommunications and had no intention of running Etisalat.

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