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Banks Accuse Etisalat of Siphoning $1.2b Loan, Demand Probe

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Strong indications emerged yesterday that consortium of 13 banks, involved in Etisalat Nigeria’s $1.2 billion loan is seeking the federal government’s intervention to investigate the management.

A management source close to the banks in Lagos said that the banks want the government, through the Economic and Financial Crimes Commission (EFCC), to wade into the matter, by investigating what the company did with the loan.

The source alleged that the loans were siphoned and needed to be investigated by the EFCC, noting, there was no proof of what the company did with the loan.

He said that the affected banks had rolled out a lot of viable options to Etisalat for the loan to be restructured, but was rejected by the company.

The source said that the banks were not into telecommunications and had no intention of running Etisalat.

 “All we want is to recover the loans; we cannot write off the loans as being demanded by Etisalat, because the company is viable,” the source stated.

The source said that telecom company wanted the banks to write off the loan as non-performing, which was rejected because the company was doing well.

According to the source, the company wants injection of new capital, and this has been suggested to the majority shareholder. The source said the government should investigate the matter with all seriousness, to dig out the truth.

Etisalat on June 20 said that it had been instructed to transfer its 45 per cent stake in Etisalat Nigeria to a loan trustee. Etisalat said it had been notified to transfer its stake by June 23. It said the stake had a carrying value of zero on its books.

It would be recalled that in the last three months, Etisalat Nigeria had been in talks with the consortium of banks, to restructure a 1.2 billion-dollar loan, after missing repayments.

The loan is a seven-year facility, agreed with 13 banks in 2013, to refinance a 650 million dollar-loan, and fund expansion of the telecommunications network.

Although the Nigerian Communications Commission (NCC), and the Central Bank of Nigeria (CBN), stepped into the fray to prevent a takeover by the banks, those discussions failed to produce an agreement on restructuring the debt.


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Relief for SMEs as NACAN Launches Fight Against Expensive Broadband in Nigeria

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A new non-profit advocacy group, the National Affordable Connectivity Advocacy Network (NACAN), has launched initiatives aimed at addressing broadband affordability challenges and promoting policy reforms for small and medium-sized enterprises (SMEs) in Nigeria.

Relief for SMEs as NACAN Launches Fight Against Expensive Broadband in Nigeria

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The launch coincided with the 2026 edition of the International Telecommunication Union (ITU) World Telecommunication and Information Society Day (WTISD), themed: “Digital lifelines: Strengthening resilience in a connected world.”

NACAN said its primary objective is to bridge digital access gaps affecting Nigerian SMEs by reducing broadband costs, advocating regulatory reforms and improving digital capacity for small businesses.

As part of its rollout plans, the organisation unveiled the Southern Connectivity Voucher Pilot, a programme designed to provide subsidised data vouchers to small businesses in major commercial centres in southern Nigeria.

According to the group, the intervention is expected to reduce internet-related operational costs for businesses and improve digital access.

NACAN also announced plans to host the Niger Delta Digital Lifelines Roundtable in Port Harcourt, bringing together state ICT commissioners, internet service providers, telecom stakeholders and civil society groups.

The forum is expected to focus on strengthening resilient last-mile broadband infrastructure across underserved communities.

Speaking at the launch, National Coordinator of NACAN, Uchechukwu Emmanuel Ugochukwu, said internet access had become critical infrastructure for Nigerian businesses.

“In the current economic climate, internet access is no longer a luxury for Nigerian businesses; it is an infrastructure lifeline.

“We are debuting to ensure that high data costs and weak network reliability do not permanently exclude Nigerian SMEs from the global digital economy,” he said.

The organisation also unveiled a policy advocacy agenda targeting reforms on Right-of-Way charges and measures to reduce frequent network outages affecting businesses.

To deepen stakeholder engagement, NACAN said it is collaborating with industry groups including the Nigeria Information Technology Reporters Association (NITRA), the Niger Delta Chamber of Commerce, Industry, Mines and Agriculture (NDCCIMA), and the APC ICT Directorate, alongside private sector partners.

NACAN described itself as a non-profit initiative focused on promoting digital equity for Nigerian SMEs through advocacy for affordable, reliable and secure broadband infrastructure.

The group said its long-term goal is to support the integration of local businesses into the formal digital economy and stimulate inclusive economic growth.


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GBB Says Cross-border Partnerships Key to Africa’s Digital Transformation

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Galaxy Backbone Limited (GBB) has said that sustained collaboration among African countries remains central to the continent’s drive toward digital transformation.

The organisation stressed that building secure, interoperable and inclusive digital systems across Africa cannot be achieved in isolation, calling for stronger regional partnerships to accelerate innovation and shared infrastructure development.

The position was contained in a statement issued on Sunday by the Head of Corporate Communications at Galaxy Backbone, Chidi Okpala.

As it prepares to host a major delegation of policymakers, technology leaders and development partners in Abuja, GBB said the engagement would further highlight the importance of cross-border cooperation in shaping Africa’s digital future.

Okpala explained that the initiative is designed to provide both dialogue and practical exposure to Nigeria’s digital infrastructure ecosystem.

According to him, the visit will allow delegates to better understand how shared ICT systems are supporting governance and service delivery in the country.

“This engagement will provide an opportunity for African stakeholders to not only discuss policy frameworks but also see firsthand how digital public infrastructure is being deployed to improve efficiency, connectivity and innovation in the public sector,” Okpala said.

He added that GBB’s hosting role reflects its growing importance in advancing digital governance and infrastructure development across the continent.

“Galaxy Backbone is increasingly positioned as a key enabler of trusted digital infrastructure, and this engagement reinforces that role within Nigeria and beyond,” he noted.

Speaking ahead of the programme, the Managing Director and Chief Executive Officer of Galaxy Backbone, Professor Ibrahim Adeyanju, said the future of Africa’s digital economy depends on the ability of countries to work together in building resilient systems.

“No single country can achieve the level of transformation required on its own. We must share knowledge, align strategies, and invest in systems that can serve the entire continent,” Adeyanju said.

According to the statement, the engagement will feature a continental dialogue themed “Building Africa’s Digital Foundations Together,” bringing together stakeholders from 11 African countries in Abuja.

The programme is being organised in partnership with Co-Develop, Smart Africa, and MicroSave Consulting, with discussions expected to focus on Digital Public Infrastructure (DPI), digital identity systems, secure connectivity, interoperability frameworks, and inclusive digital ecosystems.

GBB said delegates will also undertake a guided tour of its infrastructure and facilities in Abuja, where they will be exposed to Nigeria’s digital transformation journey and the systems supporting cloud services, cybersecurity, government connectivity, and digital platforms.

The company noted that the tour is intended to demonstrate how shared ICT infrastructure is strengthening governance and enabling more efficient public service delivery.

Participants are expected to explore practical pathways for accelerating the deployment of digital public infrastructure to support economic growth and institutional reforms across Africa.

GBB maintained that the initiative also confirms Nigeria’s position as a regional hub for digital innovation and infrastructure development, while deepening cooperation among African nations.


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MTN Reinforces Commitment to African Creativity at Star-Studded 12th AMVCA

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MTN Nigeria reinforced its commitment to supporting African storytelling and emerging creative talent at the 12th Africa Magic Viewers’ Choice Awards (AMVCA), held on Saturday, May 9, 2026, at Eko Hotels & Suites.

MTN Reinforces Commitment to African Creativity at Star-Studded 12th AMVCA

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Hosted by Bovi Ugboma and Nomzamo Mbatha, the star-studded event brought together some of the biggest names in African film, television, and entertainment for a night celebrating creativity, culture, and cinematic excellence.

As part of its participation at the Awards Night, MTN Nigeria sponsored the Best Short Film category, one of the standout moments of the evening aimed at recognising and rewarding emerging filmmakers shaping the future of African storytelling.

The award was presented by the General Manager, Enterprise Sales, MTN Nigeria, Febisola Oyeleye, alongside actor Jide Oyegbile.

The winning film, Hussaini, by filmmakers Orire Nwani and Josh Olaoluwa, earned both the prestigious AMVCA recognition and a ₦5 million cash prize sponsored by MTN Nigeria.

Speaking during the presentation of the cash prize to the winners, Chief Marketing Officer, MTN Nigeria, Onyinye Ikenna-Emeka, reiterated MTN’s commitment to youth empowerment and supporting the creative industry through platforms that spotlight emerging talent.

According to her, the brand remains intentional about supporting young Nigerians who continue to push boundaries through creativity and storytelling. “At MTN, one of the things that we are so committed to is youth empowerment.

We believe that the youth of Nigeria are actually the future of the country. When we see young people being productive and coming out tops in what they do, it speaks to their commitment and ability to move beyond boundaries.

One of the ways we support the creative industry is through the short film category, and we are delighted to see deserving winners who are obviously on their way to great things,” she said.

The filmmakers behind Hussaini also celebrated the win, with one of the creators describing it as a defining moment after multiple nominations in the category.

“This is our last nomination in this category, and I’m excited we finally have it,” he said. “Next year, we are coming for Best Feature Film.”

Beyond the Awards Night, MTN’s presence throughout the AMVCA week extended to initiatives such as Young Filmmakers Day and the #MTNFilmChallenge, both designed to spotlight emerging talent and create opportunities for young creatives to tell authentic Nigerian and African stories through film and digital content.

With its continued investment in platforms that celebrate creativity and empower young storytellers, MTN Nigeria once again highlighted the important role partnerships can play in shaping the future of Africa’s entertainment industry.


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