NCC, CBN Prevent Etisalat’s Takeover ‘Over N541.8bn Debt’

he Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have gotten a reprieve for Etisalat Nigeria on the loan default crisis facing the mobile telecoms operator.

• N541.8bn Debt: Despite NCC Intervention, 3 Nigerian Banks May Take Over Etisalat

The reprieve, which was gotten on Friday, is coming on the back of negotiations with three Nigerian banks that threatened to take over the firm over a $1.72 billion (about N541.8 billion) debt.

After much deliberation in Lagos yesterday, the creditor consortium of banks were prevailed upon to reconsider their demands and halt their attempt to take over Etisalat.

In a statement issued today, the Director of Public Affairs of NCC, Mr Tony Ojobo, said:

 “Friday’s meeting succeeded in halting the attempt by Etisalat’s creditors at bringing it under any form of takeover.

“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.”

Mr Ojobo further added that CBN and NCC were able to secure for Etisalat the necessary “oxygen” to enable it continue to meet urgent operational expenses.

The NCC spokesperson said the CBN Governor, Godwin Emefiele, who presided over the meeting, was firm in his declaration about what needed to be done by both parties towards a quick resolution of the crisis.