NCC, CBN secures reprieve for Etisalat on debt crisis

The Central Bank of Nigeria (CBN) and telecom regulator, Nigerian Communications Commission (NCC) has been able to get reprieve for Mobile Network Operator, Etisalat after the meeting convened to find a quick resolution to the loan default crisis between the company and some banks.

The meeting held at the CBN Office in Lagos, recently had the consortium of banks being owed and Etisalat in attendance. The banks and the mobile network operator agreed to concrete actions for a quick resolution, thereby halting the attempt by Etisalat’s creditors at bringing it under any form of take over.

Mr Godwin Emefiele, CBN governor, who presided over the meeting declared what needed to be done by both parties towards a quick resolution.

On its part, the NCC stated that everything necessary must be done to protect the 23 million Etisalat subscribers and the telecom industry to prevent potential investors from developing cold feet.

However, a meeting has been scheduled to hold March 16 to agree on a payment restructuring arrangement in order to ensure that Etisalat remains in business while the consortium of banks meet their obligations to their customers.

The NCC is also billed to lead the CBN in a possible meeting with Etisalat’s shareholders soon.