NaijaTalkTalk- Unpaid debts and takeovers

takeover

Today’s SATURDAY- Unpaid debts and takeovers

1. Three Nigerian banks – Guaranty Trust Bank, Access Bank and Zenith Bank – along with some foreign banks have reportedly taken over Etisalat Nigeria as a result of the telco owing about N541.8 billion ($1.72 billion). The loan was obtained in 2015 to finance a major network rehabilitation, and Etisalat hasn’t been able to pay it back owing mostly to the recession in Nigeria. This is a developing story, so we’re going to have wait and see how events pan out.  But there’s a lesson in this – pay your debts on time so you get to keep your company. Wait, you probably already knew that.

+ The guys on Radar have some interesting theories about the whole thing. But it is worth noting that Etisalat hasn’t come out to say something (anything), and none of the four big news outlets in Nigeria (Punch, Guardian, ThisDay and Vanguard) have reported this.

2. In other telco news, MTN South Africa CEO, Mteto Nyati, has resigned to join Altron as the new Chief Executive. Nyati joined MTN in 2014. Before that, he was the MD of Microsoft SA. He’ll be resuming at Altron on July 1, and Godfrey Motsa will be taking over as the new MTN South Africa CEO effective March 13.

3. Yet another VOD service is making its way into the African market. This time, it’s Southeast Asia’s Iflix and they plan to launch in 7 African countries – including South Africa, Kenya, and Nigeria – by June.

+ Iflix recently raised $90 million in a funding round led by Liberty Global and Zain, and it’s said that they’re using this boost to take on Netflix and Showmax. They’ve already set up a head office in Cape Town, with branch offices in Johannesburg, Accra, Lagos and Nairobi.

4. To celebrate International Women’s Day, Merck launched their STEM for Girls and Women program in Liberia yesterday. The program will empower and prepare young African women researchers for the road ahead in Africa’s development.