Bad Loan: Relieve as CBN, NCC Halt Banks Takeover of Etisalat

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(Last Updated On: )

 

Nahimah Ajikanle Nurudeen

 

The Central Bank of Nigeria (CBN) and telecom regulator, Nigerian Communications Commission (NCC) on Friday salvaged an attempt takeover of the Mobile Network Operator, Etisalat Nigeria by banks over its inability to service N541.8 billion loan.

The relief was a fallout of Friday’s meeting convened by the two sectors regulatory bodies, CBN and NCC which succeeded in halting the attempt by Etisalat’s creditors at bringing it under any form of take over.

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.

The CBN and NCC were able to secure for Etisalat the necessary oxygen to enable it continue to meet urgent operational expenses. CBN Governor, Mr Godwin Emefiele who chaired the meeting, was firm in declaring what needed to be done by both parties towards a quick resolution.

The NCC equally made it clear everything necessary must be done to protect the 23 million Etisalat subscribers and also protect the telecoms industry to prevent potential investors from developing cold feet.
Meanwhile, in a renewed effort to ensure that Etisalat remains in business while the consortium of banks meet their obligations to their customers, 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.

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