Alleged Etisalat loan fraud: Why is NASS silent

As Daily Times invokes FOI, writes CBN

Strong indications have emerged about how high wire politics and horse trading are now trailing the alleged loans crisis that has engulfed Nigeria’s fourth largest mobile operator, Etisalat Nigeria.

The telecom firm is engrossed in a logjam, following a huge debt of $1.2billion (about N541billion) from 13 Nigerian banks.

But stakeholders and experts are worried that the National Assembly is yet to wade into the matter in view of the seriousness of the issue.

They are further raising concerns over how the committees of both the Senate and House Representatives on banking and telecoms industry are yet to intervene in such a national issue that may have grave consequences on depositors funds and the telecom firm.

But the crisis further deepens on Monday when Etisalat’s Chief Executive Officer (CEO), Mr Matthew Willsher and the Chief Financial Officer (CFO), Mr Wole Obasunloye resigned their appointments.

The Daily Times also gathered that the appointments of Mr Boye Olusanya as the new CEO and Funke Ighodaro as the new CFO were at the instance of a business mogul (names withheld), who is using his financial clout to take over Etisalat.

Olusanya and Ighodaro are said to have a strong link to the renowned businessman.

It was further alleged that the game plan of the duo is to assist their benefactor in acquiring the telecom firms at the end of six-months transitory period as directed by the Central Bank of Nigeria (CBN) and the National Communications Commission (NCC).

The development, Daily Times gathered, is being viewed with mixed feelings in certain quarters as to whether the action is fair or in public interest as the loans in question are depositors funds in the said 13 banks.

Meanwhile, The Daily Times has invoked the FOI Act, 2011 and written a letter to the CBN, demanding full information on what has transpired in Etisalat and the propriety of its action on depositors funds involved in the loans .

The newspaper is also seeking information on what are the motives behind the new appointments and the alleged takeover of the telecoms firm by the businessman at the end of the transitory six-month.

Meanwhile, The Daily Times will publish the full investigative report on the matter on Monday.