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Tag: Etisalat

  • Etisalat in talks with banks over $1b loan

    Etisalat in talks with banks over $1b loan

    Global Systems Mobile Communication (GSM) service provider Etisalat is locked in discussions with its creditors who are battling to recover a $1billion loan.

    In the talks are three banks – Zenith Bank, Access Bank and Guaranty Trust Bank—which advanced the telco the loan about two years ago.

    A large portion of the loan, which  was meant to expand the telco’s network, is unpaid. The banks are threatening to invoke a segment of the loan agreement, which allows the creditors to assume the management of the company.

    The Nation had reported exclusively on Tuesday that creditors were contemplating assuming ownership of the GSM operator.

    Following the report and the unfolding events, a segment of the media reported, albeit falsely, that the telco had been taken over by the banks. However, Etisalat, the sector’s regulator, the Nigerian Communications Commission (NCC) and  the Association of Telecoms Companies of Nigeria (ATCON), the  umbrella body of all the practitioners in the information communications technology (ICT) industry, said there was no truth in the news that Etisalat had been acquired by the banks.

    A source at Access Bank told The Nation that there was nothing to suggest that the bank had taken any steps to acquire Etisalat. There were no comments from Zenith Bank and Guaranty Trust Bank (GTB). An expected feedback from GTB to an email request on the issue had not come as at the time of filing this report.

    However, NCC   said it had requested Etisalat to  furnish it with details of the issues, assuring that there was no cause for alarm. Its Director of Public Affairs, Tony Ojobo, said the regulator will advice based on the facts made available to it by Etisalat.

    He said the insinuation that the Commission had given its blessing for the alleged takeover of Etisalat was far from the truth.

    Ojobo said:  “We have requested Etisalat to write a formal letter to the Commission detailing what transpired. It is based on this that the Commission will take whatever decision that would be deemed necessary. But let me assure you that there is no cause for alarm. All the issues will be resolved amicably for the good of the telecoms industry and the country.”

    ATCON urged the Federal Government to save the telecoms industry from collapse by easing access to foreign exchange to carriers.

    ATCON’s President Olushola Teniola said the report that Etisalat had been taken over by lenders was incorrect.  He said the telco failed to meet its repayment obligation because of the current economic downturn.

    Said Teniola: “The situation is that Etisalat owes some interest rate payments which have not been met, so, that means that they have basically not met their obligations. They are currently negotiating with the said banks to come to a conclusive resolution.

    “The reason why this has happened is that at the time Etisalat took this facility two years ago, the naira was very favourable to the dollar and the size of this loan is quite huge, it is above  $1billion.

    “So, the problem that has happened since they took the facility to expand the network, the dollar exchange rate to naira has gone in the opposite direction. At the point when they took it, naira was 160/dollar.  Now the dollar is 450 at the black market. So, you can see that it doesn’t matter what amount of planning you do, it’s going to be very difficult to continue to sustain the payment on the initial loan that was taken, and because of this, it is causing Etisalat some difficulties to meet its obligations. I am sure that the management is doing everything possible to bring about an amicable settlement with the lenders.

    Teniola urged the Federal Government “to step in now to ensure that any telecoms equipment; any telecoms development; be it for broadband, be it for quality of service, be it for the capacity upgrade of the network, that the sourcing of infrastructure to achieve this should be done at a reasonable dollar to naira rate, so as to be able to sustain the industry. Otherwise, we will have what we call a ripple effect in this market, and we should not allow that to happen. The example that Etisalat is demonstrating to us that it is coming to a head, and I am confident that the management of Etisalat will resolve the problem”.

    A spokesperson of the telco, Seyi Osuntedo, said talks were going on with the banks, adding that the management of the telco was intact.

    Part of the options being explored by the parties, it was gathered, is for Etisalat to inject equity since the telco missed its payment schedule for February. The banks have asked the Abu Dhabi-listed telecom group to inject fresh equity into Etisalat Nigeria after the affiliate missed a payment on its $1.2 billion loan, a senior banking source told Reuters.

    The banking source with knowledge of the matter said Etisalat Nigeria had given notice to lenders that it would miss a February payment which triggered a debt discussion, adding that they were yet to agree on terms.

    The source said lenders had asked Etisalat Nigeria to convert shareholder loans in its books into equity and inject fresh capital to free up its cash flow, in addition to asking that its parent firm should increase its 40 per cent stake in the affiliate.

    It was learnt that since the story broke, the directors and management of Etisalat have intensified efforts, including reaching out to the sector’s regulator, the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) to prevail on the creditor banks to afford them more time to resolve the financial imbroglio, a plea that a source at NCC said, was yet to be considered by the banks.

    “The banks appear not to be favourably disposed to the company on this score at the moment,” the source said,

    An NCC  official said it was keen on preserving the status quo by keeping Etisalat in the business so as to provide subscribers with enough choice. It will serve no one any good to allow any of the GSM providers to be eased out of operation, he said. The official confirmed that senior officials of NCC accompanied the management of Etisalat to the meeting the telco had with the Central Bank of Nigeria (CBN) in a bid to resolve the crisis.

    While efforts to bring succour the way of Etisalat are ongoing, one of the leading GSM providers is already lurking in the wind to acquire the troubled entity. The competitor, The Nation learnt, is scheming to buy off Etisalat and add its about 21million subscribers to its existing customer base, making it the dominant player in the sector, should the deal sail through.

  • Etisalat’ ‘BreakFree’ campaign excites Nigerians

    THE disruption started on Friday, February 17. As the sun began to set over the Ikeja City Mall, setting the tone for a typical Lagos weekend, a flash mob disrupted the landscape. Two young men and a lady, dressed in prison clothes, sprinted into the mall, chased by about half a dozen men and women in police uniform. The hot chase ended in an energetic dance at the car park of the mall, with crowds pouring to the scene. Photo cameras and videos clicked, and endless conversations immediately went viral in the social media space.

    While Lagos residents grappled with the interpretation of #BreakFree, a similar flash mob surfaced at the Jabi Lake Mall in Abuja. The suspense and ecstasy only went higher.

    The puzzle only got solved some days later – February 23th and 24th – at the Hard Rock Café, Victoria Island, Lagos where the cosmopolitan city hosted a record 24-hour #BreakFree party, a fun-filled dance challenge.

    Raymond Oluwafemi, a professional dancer, won the star prize – a Hyundai i10 brand new car – having emerging the best dancer for the #BreakFree 24-hour Dance Challenge.

    Etisalat also gave out 72 Innjoo smartphones during the party, with three phones going to the best dancers every hour. Here, Etisalat Nigeria, unveiled its revamped EasyCliq proposition, offering three exciting bonus options.

    The party which was attended by hundreds of Nigerian youths had eight of Nigeria’s finest DJs including DJ Jimmy Jatt providing non-stop music from 12 noon on Thursday, February 23 to 12 noon on Friday, February 24.

    Speaking about the initiative, Head, Youth Segment, Etisalat Nigeria, Layi Onafowokan, said the #BreakFree campaign was aimed at inspiring Nigerian youths to break free from limitations and see new possibilities.

    “#BreakFree is a message of empowerment, it’s about encouraging our youths to use the power of freedom to make better choices for their lives,” said Onafowokan.

    “The freedom to choose is what EasyCliq 2.0 represents. The revamped EasyCliq grants customers access to 250% bonus to call all networks; 350% bonus to call only Etisalat numbers; or 100% bonus on data purchase between 50MB-500MB.”

  • Dancer wins Etisalat BreakFree competition

    A professional dancer, Raymond Oluwafemi, last Friday emerged winner of the Etisalat BreakFree Competition, a 24-hour nonstop dance contest.

    With improvised flash-mob, music, and dance, the energy of the nigerian youth was put on display at Hardrock Café, venue of the competition.

    Shedding light on the essence of the show, Layi Onafowokan, Head of Youth Marketing for Etisalat Nigeria, said that it is to drive home the message that subscribers to the Etisalat Easy Cliq package have the freedom to choose.

    “We want to do something different; we want to do something that has never been done before. We cannot keep doing the same thing and expect a different result. We said we needed to break through. We need to do something different. It has never been done before in Nigeria, to have a nonstop 24 hours party with people constantly dancing,” he said.

    Thanking the network provider for the opportunity, Oluwafemi, said that the victory means everything to him.

    “I believed in it. I have a mindset that when I go for something, I take it. It is not by force. It is by grace. So I give all thanks to God. I also appreciate Etisalat for the gift. I had to win it because that was the only thing that can crown the stress I passed through,” he said.

    Oluwafemi, who is also a music producer and a singer with about five years of dancing experience, together with his crew, Stars On Earth Dance Crew, had represented Nigeria at the last edition of the Hip-Hop International dance Competition held in Las Vegas.

    As winner, he went home with a brand new Hyundai car while two runners-up also got phones and a year’s supply of recharge.

  • Etisalat adopts Anambra school

    TelecommunicationS firm, Etisalat, has adopted Oraukwu Community Secondary School in Idemili-North Local Government Area of Anambra State.

    To this end, the school would enjoy facilities upgrade, including renovation of class rooms and toilets, provision of potable water, internet facilities, furniture, and laboratory equipment among other benefits.

    The latest adoption brings to four, the number of schools adopted by the company under its Corporate Social Responsibility (CSR) initiative.

    Speaking on the new development, Director, Regulatory and Corporate Social Responsibility, Etisalat Nigeria, Ikenna Ikeme, said the telecoms firm is glad to add a new school to its growing list of schools under its Adopt-a-School Programme.

    He explained that it gives the firm an opportunity to enhance access to quality education for young ones and praised Anambra State for partnering with the company to achieve the aim.

    “In Etisalat, we recognise the fact that education is the bedrock of any meaningful development; that is why we have made education one of our three CSR platforms.

    “The initiative is aimed at providing an environment conducive for learning which will bring out the best in our pupils. We are committed to driving sustainable development and one of the key platforms on which that can be achieved is education. Like our other adopted schools, we will implement key components that will ensure sustainable impact on the quality of education in Oraukwu Community Secondary School,” he said.

    Other schools previously adopted by Etisalat are: Government Girls’ College Dala, Kano State; Edward Blyden Memorial Primary School, and Akande Dahunsi Memorial Junior and Senior School, Ikoyi, both in Lagos State.

    Also, the company presented certificates to beneficiaries of the 2016 Merit Awards Scholarship Scheme for tertiary undergraduates.

    The beneficiary universities are: Modibbo Adamawa University of Technology, Adamawa State; Niger Delta University, Bayelsa State; Enugu State University of Science and Technology, Enugu; and Uthman Dan Fodio University, Sokoto.

  • Etisalat, iOpenEye marry Love Recession

    Etisalat, iOpenEye marry Love Recession

    Imagine a marriage of love and economic downturn. Imagine the drama that ensued when Love & Recession came to town.
    The comic stage play, which closed early in the year hit the Lagos stage with a bang, leaving behind memories of its intriguing scenes in the hearts of Lagosians.
    The play, which was staged for four days at the MUSON Centre, Onikan, Lagos, is about a young farmer, who yearns to marry the chief’s daughter.
    Produced by iOpenEye Limited in partnership with Etisalat Nigeria, the play is an adaptation of Femi Osofisan’s The Engagement, a 1992 adaptation of Russian playwright Anton Chekhov’s A Marriage Proposal. It features Keppy Ekpenyong, Omonor and Ikponmwosa Gold.
    It highlights the harsh economic realities and depicts how many are managing to pull through the challenging times by being resourceful in their own way.
    “Love & Recession is a celebration of the creativity and ingenuity of the Nigerian in addressing challenges without the involvement of external help,” according to its director, Ifeoma Fafunwa.
    Love & Recession uses comedy and satire to explore these social issues with the aim of inspiring conversations and ultimately effecting changes in perspectives. Besides the focus on the current economic downturn, the play focuses on other social norms, such as the pressures on the woman to marry and man to attain certain “economic” status to qualify for marriage.
    Love & Recession also plays up the need to celebrate the Nigerian heritage vis-à-vis the culture and language, the appreciation of which can be harnessed to promote the unity, togetherness, collaboration and partnership needed to build a better Nigeria.
    Fafunwa, an acclaimed producer and director, added: “It is important for me to showcase a quality Nigerian production and by so doing, celebrate Nigerian talent and expression. I am also happy to bring some cheer and laughter to the holiday season and to create a work, which is suitable for all members of the family. We want to use the play to urge the embrace of measures that can give us the future we deserve as a people and nation.”
    Speaking on the involvement of Etisalat in the project, its Head, Events and Sponsorship, Modupe Thani, said it was in line with the company’s commitment to celebrate creativity as well as supporting platforms that enable people express themselves.
    She said: “Etisalat is a great supporter of the creative arts as shown in our support of Ake Festival, Lagos Photo Competition and our own platform, the Etisalat Prize for Literature. We will continue to demonstrate our commitment to platforms and initiatives that empower people to live their lives, in the best way possible. We are glad to be part of this movement that seeks to help us refocus and make the best of the challenging times.”

  • Shortlist for Etisalat Prize for Literature out

    Shortlist for Etisalat Prize for Literature out

    Etisalat Nigeria has announced the names of the three shortlisted authors for the 2016 edition of its pan-African flagship literary prize, the Etisalat Prize for Literature (https://Prize.Etisalat.com.ng).

    According to this year’s Chair of Judges, Helon Habila “In addition to originality of voice and literary excellence, our purpose was to also select a work that portrays an African sensibility“.

    The three shortlisted books are:

    • Jacqui L’Ange (South Africa) The Seed Thief (Umuzi Publishers, South Africa);
    • Jowhor Ile (Nigeria) And After Many Days (Kachifo Limited, Nigeria);
    • Julie Iromuanya (Nigeria) Mr & Mrs Doctor (Coffee House Press, USA).

    The authors were shortlisted by a three-member judging panel comprising Nigerian novelist and poet, Helon Habila (Chair of Judges); South African writer/activist, Elinor Sisulu; and Ivorian writer and Africa39 laureate, Edwige Renée Dro.

    The winner for the 2016 Etisalat Prize for Literature will be unveiled at the Grand Finale in Lagos, scheduled to take place in March 2017.

    Commenting on the success of the 2016 Etisalat Prize for Literature, Chief Executive Officer, Etisalat Nigeria, Matthew Willsher, commended the judges for their diligence in selecting the top three books out of the tens of titles that were received following the call for entry.

  • Etisalat Prize for Literature announces 2016 shortlist

    Etisalat Prize for Literature announces 2016 shortlist

    Etisalat Nigeria has announced the names of the three shortlisted authors for the 2016 edition of its pan-African flagship literary prize, the Etisalat Prize for Literature.
    This year’s Chair of Judges Helon Habila said: “In addition to originality of voice and literary excellence, our purpose was to also select a work that portrays an ‘African sensibility’.”
    The three shortlisted books are:
    Jacqui L’Ange (South Africa): The Seed Thief (Umuzi Publishers, South Africa).
    Jowhor Ile (Nigeria): And After Many Days (Kachifo Limited, Nigeria).
    Julie Iromuanya (Nigeria): Mr & Mrs Doctor (Coffee House Press, U.S.A).
    The authors were shortlisted by a three-member judging panel comprising Nigerian novelist and poet, Helon Habila (Chair of Judges); South African writer/activist, Elinor Sisulu and Ivorian writer and Africa 39 laureate, Edwige Renée Dro.
    The winner would be unveiled in Lagos in March.
    Commenting on the success of the 2016 Etisalat Prize for Literature, Chief Executive Officer, Etisalat Nigeria, Matthew Willsher, hailed the judges for their diligence in selecting the top three books out of the tens of titles that were received following the call for entry.
    He said: “This is by no means a simple task. The role of the judges is quite enormous and we want to thank them for the attention and dedication to the entire review process, which birthed the top three finalists.”
    Willsher restated Etisalat’s commitment to continuously impact the lives of Nigerians and other Africans by offering them innovative products and services through a platform that enables them to express their passion and creativity.
    He said: “At Etisalat, we have found the nexus between innovation and creativity. This is why we give people the opportunity to express their individuality and ingenuity so they can be the best in whatever they choose to do.”
    The telecommunication company chief added that Sarah Ladipo Manyika would join other renowned literary personalities as a patron of the prize.
    The Etisalat Prize for Literature is the first pan-African Prize that celebrates debut African writers of published book-length fiction.
    It is open solely to debut fiction writers from African countries resident anywhere in the world. Now in its fourth year, it is acknowledged as the most prestigious literary prize for African fiction. The Etisalat Prize for Literature also incorporates an award for Flash Fiction, which is an online-based competition for non-published African writers of short stories.
    The winner of the prize gets £15,000, an engraved Montblanc Meisterstück pen, an Etisalat sponsored book tour to three African countries as well an Etisalat-sponsored fellowship at the University of East Anglia, mentored by Professor Giles Foden, author of The Last King of Scotland. In addition, all the shortlisted writers will also enjoy a sponsored multi-city book tour while Etisalat will also purchase 1,000 copies of their books for distribution to schools, libraries and book clubs across Africa with the objective of promoting the reading culture and the publishing industry.
    The past winners of the Etisalat Prize for Literature include Fiston Mwanza Mujila, from The Democratic Republic of Congo (Tram 83, 2015); South African novelist Songeziwe Mahlangu (Penumbra, 2014) and Zimbabwean writer NoViolet Bulawayo (We Need New Names, 2013).

  • Etisalat adopts Anambra school

    Etisalat adopts Anambra school

    Etisalat Nigeria has adopted Oraukwu Community Secondary School in Idemili North Local Government Area of Anambra State under its Adopt-a-School Programme.

    The scheme avails pupils in government primary and secondary schools access to qualitative education.

    Regulatory and Corporate Social Responsibility Director, Etisalat Nigeria, Ikenna Ikeme, said the telecoms firm was glad to add a new school to the growing list of schools under its Adopt-a-School Programme.

    He commended the education authorities in the state for partnering the company for the development of the younger generation through access to qualitative education.

    Ikeme added that the initiative was borne out of the company’s commitment to leverage the potential of quality education to drive the sustainable development programme of the nation.

  • Etisalat opens Samsung experience centre

    Etisalat opens Samsung experience centre

    Etisalat has launched a Samsung Experience Zone within the Etisalat Experience Centre in Adeola Odeku, Victoria Island, Lagos.

    The telecoms giant and Samsung West Africa unveiled the first of many Samsung Experience Zones, which it aims to launch in major Etisalat Experience Centres, across the country.

    Etisalat Nigeria,Vice President, Marketing, Adebisi Idowu, said the initiative was borne out of the need to enrich the experience of customers on the network.

    He expressed delight at the partnership, applauding the two global brands for building a mutually benefitting relationship since the telecoms firms started operations in Nigeria.

    Also, Samsung West Africa Managing Director, Paul Lee, described the Experience Zone as a breakthrough platform that empowers customers to use innovation and technology to improve their standard of living.

  • Etisalat Merit Award: Tool to boost education

    Etisalat Merit Award: Tool to boost education

    Etisalat, through its Merit Awards, is impacting the education sector, writes ADEDEJI ADEMIGBUJI.

    For the World Bank, corporate social responsibility (CSR) is a private sector effort to support the development of a country. To the global bank, it is relatively a new label.

    Experts, however, believe that the greatest impact of CSR comes when the environment is strong, its activities are linked to national priorities,  targeted at poverty reduction, and  are implemented through partnership.

    Several organisations in Nigeria have taken it upon themselves to complement the public sector’s efforts in the education sector. This is in recognition of the fact that the government cannot carry the burden of funding education alone.

    Recently, Etisalat Nigeria, demonstrated how its CSR initiatives, Etisalat Merit Awards, is lifting the education sector, improving the learning environment, raising standards and encouraging academic excellence among pupils.

    The initiative is one of Etisalat’s social investments aimed at rewarding and encouraging academic excellence among undergraduates. Established in 2009 as a dedicated scholarship programme for undergraduate students of universities, the award celebrates students with the highest Cumulative Grade Point Average in the departments of Electrical/Electronic Engineering, Computer Science and Management Sciences yearly.

    During a recent regional award presentation in Ibadan, 40 undergraduates from the University of Lagos, University of Ibadan, Federal University of Technology, Akure and Ambrose Alli University, Ekpoma were awarded grants of N200,000 each. The universities also received research grants to boost teaching and learning. This year one special category was added to the award, namely the “Award for most academically excellent students with physical challenges.” This is in addition to the other unique Indigenes’ award, for the best performing students from the respective universities.

    Etisalat Regulatory and Corporate Social Responsibility Director, Etisalat, Ikenna Ikeme, said: “The Merit Awards is proof of Etisalat’s commitment to sustainable development of our country through sound and quality education. We have chosen education as one of our core Corporate Social Responsibility platforms because education is the bedrock of development.”

    He added: “At Etisalat we are passionate about making life easier for our customers and members of the communities where we do business.  We also recognise the importance of education as a catalyst for national development, which is why we have numerous initiatives targeted at raising the standards of education and encouraging academic excellence among students.”

    Corporate and Social Responsibility Manager, Oyetola Oduyemi, said: “Over 1,600 scholarships have been awarded under the Merit Awards Scheme since inception. It gets better as we have increased the grant from N100, 000 to N200, 000 to enable students achieve more academic success with the grants.”

    She added that this year alone, 12 universities and over 120 grants will be bestowed in total, under the Etisalat Merit Awards programme.

    UI Students Affairs Deputy Dean, Dr. Keye Abiona, commended Etisalat for its investment in youths. “Etisalat has, indeed, proven that it genuinely cares about educational development of youth in the country through its numerous initiatives aimed at encouraging students to achieve more in their academics and career pursuit,” he said.