Shareholders in the capital market, have urged Etisalat Nigeria to pay the N1.2 billion debt it owes 13 commercial banks to avoid a takeover.
They insisted that the company must settle the debt for the banks to meet up with their dividend obligations.
The National Coordinator, Progressive Shareholders Association of Nigeria, Boniface Okezie said the affected banks should approach the court for receivership if Etisalat fails to settle the debt.
Head of Research, SCM Capital Ltd., Sewa Wusu, said the issue is beginning to elicit concerns in the banking industry given the level of amount involved and its potential impact on the balance sheets of banks involved.
Etisalat, had on June 20, said it had been instructed to transfer its 45 per cent stake in Etisalat Nigeria to a loan trustee.