NCC: Telcos must comply with financial, technical standards
In furtherance to checkmate financial breaches in the telecom industry, the Board of the Nigerian Communications Commission, (NCC) has warned that telecommunications companies must henceforth adhere to certain financial and technical standards before they can operate in the country.
The board’s position was made known as directives were being issued to the NCC’s management regarding the outstanding $589m from the $1.2bn loan obtained by Etisalat Nigeria from a consortium of 13 banks in 2013.
The Chairman of the commission’s board, Senator Olabiyi Durojaiye said in a correspondence that the agency took the decision after an emergency meeting on Wednesday “to review the Etisalat’s issue in its entirety.”
He said, “The board commended the NCC management for its handling of the Etisalat issue till date. The board also commended the cooperation and inter-agency collaboration exhibited by the Central Bank of Nigeria as a fellow regulator.
“The board directed the management to ensure at all times that telecoms companies meet the financial and technical integrity standards expected of them.
“The board has had a three-fold concern: Ensuring continuous service to the over 21 million Etisalat subscribers; safeguarding the employees; and stabilising the telecoms sector to ensure its contribution to the Gross Domestic Product is not impacted and investment interest continues.”
