Etisalat: AMCON washes hands off assets’ takeover

Following the ongoing crisis over the $1.2 billion loan obtained by Etisalat Telecommunications Nigeria from a consortium of 13 banks, led by Access Bank Plc, the Asset Management Company of Nigeria (AMCON) has stated that it has no plans to acquire the toxic asset of the embattled telecom firm.

It would be recalled that the inability of the telecom company to repay the loan to its creditors, has since engendered a number of unresolved issues, even in spite of the intervention by the Central Bank of Nigeria, CBN, and the Nigerian Communication Commission, NCC, address the challenge in the interest of the two parties, stakeholders and the economy.

However, AMCON, the undertaker institution, in a telephone interview with one of our correspondents in Abuja, through the Head of Corporate Communications, AMCON Jude Nwauzor, said that AMCON has its hands full of assets under its management, adding the mandate of AMCON states that it must be invited by the Federal Government or the Central Bank before AMCON can acquire any toxic asset.

Nwauzor said that AMCON just like other asset management companies in the United Stated, United Kingdom and other civilized worlds, does not manage company assets in perpetuity but only an intervention agency that tries to revive a company ensure that it is liquidated according to laid down rules within a few years.

He maintained that although AMCON has the power to take over Etisalat Nigeria but cannot invoke its powers until there is an invitation from the Federal government or the Central Bank.

The new management team made up of Dr. Joseph Nnanna, as Chairman, while others are Mr. Boye Olusanya, who replaced Mr. Matthew Willsher as Chief Executive Officer, and Mrs. Funke Ighodaro, who took over from Mr. OlawoleObasunloye as Chief Finance Officer have assumed duties work at Etisalat Nigeria.

The Daily Times gathered that the setting up of the new management team may eventually make Etisalat a monopoly on the telecoms space, thereby shortchanging the Nigerian consumers and hindering their choice, which is against the spirit and purpose of setting up telecommunication industry in the country.

However, the NCC, has said that Etisalat Nigeria Telecommunications and its creditors, have successfully resolved the key issues of the $1.2bn indebtedness between them.

An indication of this was given by the Director, Public Affairs, NCC, Mr. Tony Ojobo, who said that the amicable settlement reached between Etisalat and the consortium of 13 banks, led by Access Bank Plc, was a major breakthrough in the ongoing effort by stakeholders, including NCC to resolve the matter.

Ojobo said this this in a statement made available to the press in Lagos on Tuesday.He added that a smooth transitional process was currently ongoing on mutually agreed terms.

Ojobo said that the amicable resolution would allay the fears of stakeholders on enquiries regarding the current position on Etisalat Nigeria.

He affirmed that the commission was confident that the amicable resolutions reached by the parties, would further strengthen Etisalat’s capacity to continue to provide services to its over 20 million customers, and help fulfil its obligations to its other stakeholders as a fast growing business concern.

Meanwhile the Asset Management Company of Nigeria (AMCON) has stated that it has no plans to acquire the toxic asset of Etisalat Nigeria.

In a telephone interview with our correspondent in Abuja the Head of Corporate Communications, AMCON Jude Nwauzor said that AMCON has a hand full of assets under its management, adding the mandate of AMCON states that it must be invited by the Federal Government or the Central Bank before AMCON can acquire any toxic asset.

Nwauzor said that AMCON just like other asset management companies in the United Stated, United Kingdom and other civilized worlds, does not manage company assets in perpetuity but only an intervention agency that tries to revive a company ensure that it is liquidated according to laid down rules within a few years.

He maintained that although AMCON has the power to take over Etisalat Nigeria but cannot invoke its powers until there is an invitation from the Federal government or the Central Bank.

The new management team made up of Dr. Joseph Nnanna, as Chairman, while others are Mr. BoyeOlusanya, who replaced Mr. Matthew Willsher as Chief Executive Officer, and Mrs. FunkeIghodaro, who took over from Mr. OlawoleObasunloye as Chief Finance Officer have assumed duties work at Etisalat Nigeria.