Globacom's Mike Adenuga to buy Etisalat

Mike Adenuga Mike Adenuga

Dr. Mike Adenuga, Globacom Chairman is reportedly making moves to acquire Etisalat as the latter continues to face debt crisis, New Telegraph has learnt.

The development is coming as Etisalat continues to show distress signs evident in its inability to expand its network as it is enmeshed in a $1.2 billion loan.
The inability of the Etisalat to repay the huge loan taken from a consortium of banks in 2013 nearly resulted in a takeover of the United Arabs Emirates (UAE) telecoms company by the creditors last March.
However, quick interventions by the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) prevented what could have resulted in a receivership.
“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,” a former management staff of Etisalat disclosed.
Another industry source said: “Etisalat could be acquired by another company if the ongoing discussions with the banks fall through eventually.”

According to Forbes’ Billionaire Ranking 2016, Adenuga, with a net worth of $10 billion, is Nigeria’s second richest man while his most visible company, Globacom, where he sits as Chairman, is the second largest operator in Nigeria.

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