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Banks’ Shareholders Push For Etisalat’s Take Over

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8 years ago

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Some shareholder groups in the nation’s capital market have  urged Etisalat Nigeria to settle the N1.2 billion debt it owed 13 commercial banks to avoid  a takeover.

A cross section of the shareholder groups stated this in an interview with The Tide source in Lagos, yesterday.

They insisted that the company must settle the debt for the banks to meet up with their dividend obligations.

National Coordinator, Progressive Shareholders Association of Nigeria, Mr Boniface Okezie,  called on Etisalat to settle the debt owed the commercial banks to avoid a legal action.

Okezie said that the affected banks should approach the court for receivership if Etisalat failed to settle the debt.

He stated that the banks had obligations to their shareholders in terms of dividend payment at the end of the financial year, insisting that the debt must be paid.

Also,  the Chairman of Nigeria Professional Shareholders Association, Mr Godwin Anono, said that the company should settle the debt and desist from making unnecessary noise about the whole thing.

He said the transaction was in line with customer-bank relationship, noting that terms and conditions must be obeyed.

Anono said further that the shareholders were in support of the banks to acquire the company if it failed to settle the loan.

“This is like any other transaction, it’s not government business and I stand on existing protocol that the banks should acquire the company,’’ he said.

In his view, Head Research, SCM Capital Ltd., Mr Sewa Wusu, said that the issue of loan between Etisalat and the consortium of banks was a customer-bank relationship which ought to be settled amicably with terms agreeable between both parties.

He said that the issue was beginning to elicit concerns in the banking industry given the level of amount involved and its potential impact on the balance sheets of those banks involved.

“But I think, the monetary authority is also involved to ensure prompt settlement of the situation among the parties,’’ he said.

Etisalat, on June 20, said it had been instructed to transfer its 45 per cent stake in Etisalat Nigeria to a loan trustee.

It said it had been notified to transfer its stake by June 23, saying that the stake had a carrying value of zero on its books.

However, in the last few months, Etisalat Nigeria has been in talks with Nigerian banks to restructure a 1.2 billion-dollar loan after missing repayments.

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Kenyan Runners Dominate Berlin Marathons

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2 days ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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2 days ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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2 days ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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