Etisalat’s Bad Loan: No Cause for Alarm, NCC Assures Subscribers

(Last Updated On: 2017-03-16)


Nahimah Ajikanle Nurudeen

Nigerian Communications Commission (NCC) has reassured Etisalat’s subscribers not to panic over the telcos inability to service it’s over N200 billion loans from banks.

The Executive Vice Chairman, NCC, Umar Garba Danbatta, who stated this in Abuja said the commission and the Central Bank of Nigeria (CBN) had staved off the planned takeover by a consortium of banks the company is owing over N200 billion.

He said, “At this point, let me assure you that there is no cause for alarm regarding the matter; the regulators are on top of the situation and details of the resolution would be made available within the next couple of weeks.

“The NCC and the CBN have to intervene regarding this issue, particularly in a manner that will not disturb the business operations of all the parties involved and in the larger interest of the nation’s economy,” Danbatta said.

According to him, the NCC and the CBN scheduled another meeting for next week among the major actors.

He noted that shareholders would also be involved in the talks to ensure an amicable resolution of the problem.

The EVC informed telecoms consumers spent $5.6 billion on telecommunications services in 2015.

He said in 2016, the figure increased by N1 billion dollars to make it $6.6 billion.

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