CBN and NCC stops Etisalat’s takeover

Tellforceblog. CBN and NCC stops Etisalat’s takeover
Recall that on March 8, 2017, there was an attempt by a consortium of banks (foreign and Nigerian Banks) to take over Etisalat, due to its N541.8 billion debt.

The Nigerian banks includes Access Bank, Guaranty Trust Bank and Zenith Bank, have been giving the telecom operator sleepless night over a loan facility totalling 1.72 billion dollars (about 541.8 billion in naira) obtained in 2015.
The Nigerian Communications Commission, NCC and the Central Bank of Nigeria, CBN have postpone the transition of management.
The Director of Public Affairs of NCC, Tony Ojobo, the Director of Public Affairs of NCC, has said in a statement released on Saturday, March 11, in Lagos, that the reprieve came after a meeting organized by CBN and NCC to find a better way to resolve the crisis.
Ojobo said: ”Friday’s meeting succeeded in halting the attempt by Etisalat’s creditors at bringing it under any form of take over.

”Receivership was completely taken off the table in a meeting that was very productive and constructive.

”The meeting, which held at the CBN office in Lagos, had the consortium of banks being owed and Etisalat in attendance.

”The banks and the mobile network operator agreed to concrete actions that will bring all parties closest to a resolution.”
He said that CBN and NCC came to an agreement on method of payment that will be convenient for Etisalat.
According to Ojobo, the CBN Governor, Godwin Emefiele who chaired the meeting, declared what should be done by both parties towards a quick resolution.
Ojobo also said that NCC was also concern about the protection of  businesses and activites made by about 23 million Etisalat subscribers with their lines. He said, there is always need to protect the telecom industry to encourage potential investors.
”A meeting will hold on March 16 to agree on a payment restructuring path going forward.

”The NCC will lead the CBN in a possible crucial meeting with Etisalat’s shareholders anytime soon,” Ojobo said.


You might also like
Leave A Reply

Your email address will not be published.