Pension funds and banks risk billions in Nakumatt woes

Shoppers at a Nakumatt branch in Nairobi. PHOTO | DIANA NGILA | NMG

Authorities in Nigeria are currently struggling to save Etisalat, the country’s fourth largest telco. The Central Bank of Nigeria (CBN) together with Nigeria Communications Commission (NCC) are rushing to avert a creditors’ take-over.

Etisalat Nigeria, registered as Emerging Markets Telecommunication Services (EMTS) Ltd, was majority-owned by United Arab Emirates-domiciled Etisalat Group and Mubadala.

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