These are not the best of times for Mr. Hakeem Bello Osagie, Chairman of Etisalat Nigeria who resigned from the company recently after creditor banks took over the company.

Be that as it may, the 13 banks that Etisalat is owing 1.2 billion dollars are now calling on the Economic and Financial Crimes Commission (EFCC) to investigate how the management of Etisalat spent the huge amount of money.

Insiders at Etisalat squealed to us that the EFCC investigation will surely affect Hakeem Bello-Osagie. Our sources told us that the loans were siphoned, noting that there was no proof of what the company did with the loan and 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.

Besides, insiders at the bank said that: “All we want is to recover the loans; we cannot write off the loans as being demanded by Etisalat because the company is viable”

Well, we gathered that, Etisalat outstanding indebtedness with the consortium stood at $500milion. “The actual outstanding on the Etisalat loan is about $500million (about N165billion). This is in view of the fact that Etisalat has efficiently serviced the $1.2billion loan up until earlier this year when discussions with the banks regarding the repayment restructuring commenced. I can confirm to you in confidence that the company has made repayment of over 50 percent of the original loan so far,” our sources revealed.