Telecom
Debt Crisis: Access Bank, Others Take-Over Etisalat
A consortium of Nigerian banks, led by Access Bank Plc and foreign banks, has taken over the management of Etisalat Nigeria, effective June 15.
Mr. Ibrahim Dikko, vice president, Regulatory & Corporate Affairs, Etisalat Nigeria confirmed the development in a statement.
The take-over followed the collapse of efforts by Emerging Markets Telecommunications Services, EMTS, promoted by Hakeem Bello-Osagie, to reach an agreement with the banks on debt restructuring plan in the protracted $1.72 billion (about N541.8 billion) debt impasse.
However, EMTS Holding BV, established in the Netherlands, has up to June 23 to complete the transfer of 100 percent of the company’s shares in Etisalat to the United Capital Trustees Limited, the legal representative of the consortium of banks.
Etisalat Group, the parent company of Etisalat Nigeria, announced the takeover on Tuesday in a filing to Abu Dhabi Securities Exchange in Abu Dhabi, United Arab Emirates
The filing in letter No. Ho/GCFO/152/85 dated June 20, 2017, signed by Serkan Okandan, Etisalat Group Chief Financial Officer, said efforts by EMTS to restructure the repayment of the syndicated loan by a consortium of banks to Etisalat Nigeria collapsed.
“Further to our announcement dated 12 February, 2017, Emirates Telecommunications Group Company PJSC, “Etisalat Group” would like to inform you that Emerging Markets Telecommunications Services Limited “EMTS” (“the company), established in Nigeria and an associate of Etisalat Group with effective ownership of 45% and 25% ordinary and preference shares respectively, defaulted on a facility agreement with a syndicate of Nigerian banks (“EMTS Lenders”).
“Subsequently, discussions between EMTS and the EMTS Lenders did not produce an agreement on a debt restructuring plan.
“Accordingly, the Company received a default and security Enforcement Notice on 9 June 2017 requesting EMTS Holding BV (EMTS BV) established in the Netherlands, and through which Etisalat Group holds its interest in the company) requiring EMTS BV to transfer 100% of its shares in the company to the United Capital Trustees Limited (the Security Trustee”) of the EMTS Lenders by 15 June 2017.
“Subsequently the EMTS Lenders extended the deadline for the share transfer to 5.00 pm Lagos time on 23 June 2017,” the filing said.
Etisalat has been under pressure since 2016, follow the demand notice for the recovery of a $1.72 billion (about N541.8 billion) loan facility it obtained from a consortium of banks in 2015.
The loan, which involved a foreign-backed guaranty bond, was for the mobile telephone operator to finance a major network rehabilitation and expansion of its operational base in Nigeria.
Unable to meet its debt servicing obligations agreed since 2016, the consortium, prodded by their foreign partners, threaten to take over the company and its assets across the country.
But, the intervention of the telecom sector regulator, Nigerian Communications Commission (NCC), and its financial sector counterpart, the Central Bank of Nigeria (CBN), succeeded in persuading the banks to rethink their threat and give Etisalat a chance to renegotiate the loan’s repayment schedule.
Confirming the development in a press statement: “Bank Loans: Etisalat Nigeria Confirms Changes in Shareholding Structure”, Mr. Ibrahim Dikko, vice president, Regulatory & Corporate Affairs, Etisalat Nigeria, said that the development is the first stage a change in shareholding which was announced to the Abu Dhabi Stock Exchange this morning.
He said, “Etisalat Nigeria can confirm discussions are on-going regarding other issues such as the trading name during this transition phase. Operations and services to our subscribers remain normal and will in no way be affected as we continue to deliver quality services to our subscribers. We will continue to tap into the rich, creative and innovative resources within our workforce to build a stronger business upon the stable foundation we have laid in our 9 years of operations.
“Etisalat Nigeria wishes to express its profound gratitude to the Government, the Nigerian Communications Commission, (NCC) and the Central Bank of Nigeria for their patriotic zeal and tireless efforts at ensuring collaborative and productive engagement.
“We are also appreciative of the tremendous support we have received from the media since inception and we count on their continued support as we transition to a stronger business. We will update our stakeholders and the public on further developments shortly.
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Telecom
WIOCC’s Strategic Role in Addressing Subsea Cable Outages
WIOCC, Africa’s digital backbone, is leading the continent’s response to the cable cuts currently affecting the WACS, ACE, Main One and SAT3 subsea systems on Africa’s western seaboard.
WIOCC’s highly resilient network, with hyperscale capacity on every major system is the largest in Africa and ideally placed to swiftly deliver restoration solutions to hyperscalers, fixed and mobile carriers, internet service providers and other clients, enabling them to quickly re-establish key traffic routes into, within and out of Africa, thereby minimising performance degradation for their end-customers.
According to Chris Wood, Group CEO of WIOCC, “Immediately the four subsea cables were severed off the coast of Cote d‘Ivoire our engineering, operations and field teams swung into action.
“They have been working tirelessly for the last 48 hours with our strategic network partners and equipment suppliers and will, within the next 24 hours, have activated an unprecedented additional 2 Terabits per second (Tbps) of capacity across the unaffected cables in our network to support the capacity needs of other network operators and hyperscalers.
“Our clients connected directly at Open Access Data Centres (OADC) data centres in South Africa and Nigeria are already protected from the impact of the subsea outages due to the unique levels of redundancy and scale of the WIOCC core backbone.
“In Lagos, the Equiano cable, in which WIOCC owns a fibre pair, has not been affected by the incident off Cote d‘Ivoire. WIOCC lands the cable directly into the OADC data centre, establishing the most resilient digital ecosystem hub in Lagos and offering the most direct connectivity to Europe and South Africa.
“As a result, OADC’s data centres and WIOCC’s hyperscale network are playing a key role in restoring services to other facilities and operators currently suffering outages in Lagos and elsewhere on the continent.”
“Our priority is to ensure minimal disruption and maximum resilience for our clients,” added Ryan Sher, Group Chief Operating Officer at WIOCC.
“We have invested heavily in deploying diverse, highly-scalable national and international connectivity to support the uptime requirements of our wholesale client base. Investing at scale means that we consistently carry extra capacity, ensuring we are able to rapidly turn up or re-route capacity to address unexpected network disruptions.
“It also enables us to deploy short-term restoration solutions for other operators on a case-by-case basis. Any service provider affected by these outages, whether an existing WIOCC client or not, is encouraged to contact us to explore options.”
WIOCC’s policy of strategic deployment of converged, open-access digital infrastructure at a hyperscale level and delivery of unrivalled resiliency, enables it to meet and anticipate the needs of Africa’s wholesale community with sufficient scale and network diversity to address even the most challenging situations.
Telecom
Voice, Data Services Affected by Undersea Cable Cuts Restored – NCC
Nigerian Communications Commission (NCC) has announced that the recent Undersea Cable Cuts that affected Voice, Data Services have now been restored.
The commission in a statement released on Monday and signed by Reuben Muoka, Director, Public Affairs, said that services have now been restored to approximately 90% of their peak utilization capacities.
According to him, “following the disruption on March 14, 2024, which affected data and voice services due to cuts in undersea fibre optics along the coasts of Cote d’Ivoire and Senegal, we are pleased to announce that services have now been restored to approximately 90% of their peak utilization capacities.
“All operators who were impacted by the cuts have taken recovery capacity from submarine cables which were not impacted by the cuts, and have thus recovered approximately 90% of their peak utilisation capacities.
“Mobile Network Operators have assured the Commission that data and voice services would operate optimally pending full repairs of the undersea cables as they have managed to activate alternative connectivities to bring back the situation to normalcy.
“We extend our appreciation to telecom consumers for their patience and understanding during the downtime caused by the undersea fibre cuts,” he concluded.
Telecom
IIM United Kingdom Inducts new Members, Highlights the Power of Intelligent Technologies
Institute of Information Management (IIM) United Kingdom successfully hosted its highly anticipated Annual Convention and 47th Induction/Investiture ceremony on March 9, 2024, at the Wesley London Euston.
The event, held under the theme “AI Renaissance: Unleashing the Power of Intelligent Technologies,” brought together distinguished professionals, thought leaders, and industry experts from various sectors.
The convention commenced with a thought-provoking Welcome Address and Keynote Speech delivered by Amb. (Dr) Oyedokun Ayodeji Oyewole FIIM, ERMS, RMEMS, FIRMS, the esteemed international President of the Institute of Information Management (IIM) Africa. His address set the tone for insightful discussions and collaborative engagements throughout the event.
Among the notable highlights was the Inauguration and Taking of Oath of Office by Acting Vice President of IIM United Kingdom Chapter, Prof. Rotimi Jaiyesimi, FIIM, who assumed the role in an acting capacity following his recent appointment by the IIM Africa Board.
A significant announcement was made during the convention regarding the launch of a single global annual Convention starting in 2025.
“This groundbreaking initiative”, according to Dr. Oyedokun Oyewole, president/chairman-Governing Council, Institute of Information Management (IIM) Africa, “will unite all IIM Africa Global Chapters for the Convention, induction, and investiture, streamlining the event into a singular, impactful gathering. The announcement, made by Aisha Dania Ogieriakhi, FIIM, Director of IIM United Kingdom Chapter, marks a new era of collaboration and cohesion within the IIM community”.
The convention attracted a diverse array of attendees, including dignitaries, traditional rulers, captains of industry, and professionals from various backgrounds. Notable guests included Chief Bimbo Roberts Folayan, FIIM – Former Chairman (2011-2015) Central Association of Nigeria in the United Kingdom (CANUK), Cllr. Sunny Lambe, FIIM – Southwark Labour and Cooperative Councilor, Michaelene Holder-March, FIIM – Managing Director of MHM Health Consultancy Ltd, His Highness Papa Paul Jones Eganda, FIIM – Founder and the President of AIDO Network International, Chief (Dr) Richmond Macgrey, FIIM – Representative & Public Relations Minister of His Royal Majesty, Ogiame Atuwatse III, (Olu of Warri) in the Diaspora and others.
Throughout the event, discussions revolved around key themes such as the transformative potential of artificial intelligence, the ethical implications of intelligent technologies, and the role of information management in shaping the future.
A highlight of the convention was the induction of new members into the Honorary Fellowship Grade and Professional Fellowship Grade, recognizing their exemplary contributions to the field of data and information management. Additionally, the collaboration between IIM and the International University of Information Management (IUIM) resulted in the conferment of Honorary Doctorate Degree Awards to deserving professionals and achievers in society, adding a prestigious dimension to the event.
Both sessions were anchored by the duo of Antoinette R. Okoye and Olufemi Ibiwoye, a fixed specialist at BT Enterprises PLC London, England, United Kingdom.
One memorable moment came from Julliet Makhapila, a Community Transformer, Changemaker, Innovator, and Social Impactor from the United Kingdom, who volunteered to extend the IIM Africa initiative to her home country of Kenya, further expanding the institute’s reach and impact.
The convention provided ample networking opportunities and special activities for attendees, fostering meaningful connections and collaborations among participants.
Co-hosted by IIM Africa and the International University of Information Management (IUIM), the 2024 Annual Convention epitomized the mission and goals of the Institute of Information Management, serving as a platform for knowledge sharing, professional development, data leadership development and overall community building leveraging on access to quality data for effective decision making in both public and private establishments.
As the convention concluded, the main takeaways included maintaining a vibrant community of professionals, sharing best practices, and nurturing collaborative efforts to advance the field of data and information management.
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