It isn’t alien anymore that our dear Etisalat is engrossed in a huge debt to some banks, which nearly led to a hostile takeover if not for the intervention of the Nigerian Communications Commission and the Central Bank of Nigeria.
However, it seems someone else is about to take advantage of the situation as reports emerged that Globacom Chairman and one of Nigeria’s billionaires, Dr. Mike Adenuga, is already making moves to acquire Etisalat.
According to a former management staff of Etisalat, he said that “With the ongoing financial challenges facing Etisalat, there are ongoing underground discussions of its possible sale to a Nigerian GSM company owner, who is also into an oil business and this could be Mr. Mike Adenuga of Globacom,”
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Another source in the industry also made clear that “Etisalat could be acquired by another company if the ongoing discussions with the banks fall through eventually.”
It should be note however that the net worth of Adenuga is pegged at $10billion according to Forbes. He currently ranks as the 103rd richest person in the world compared to 2015’s 393rd and a net worth of $4.2 billion, this is despite the effect of the dwindling oil prices on his company.
The management of Etisalat has also feigned ignorance of the story as Vice President for Regulatory Affairs at Etisalat Nigeria, Mr. Ibrahim Dikko, said acquisition.” “I am just getting to know now that you are telling me.
Raising eyebrows is the rate at which the coming is losing customers, as there were 22.5 million active subscribers on Etisalat network, but this figure dropped to 20.8 million by December, representing a loss of 1.7 million subscribers within three months.
Similarly, in the first quarter of this year, the telecom communication company lost 1.2 million subscribers as well.