ETISALAT’S DEBT:NCC INTERVENES

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[Abuja]–The Nigerian Communications Commission (NCC) has said it has started discussing with the Central Bank of Nigeria (CBN) and some commercial banks in the country over the unpaid loans issue they have with Etisalat Nigeria.

A top NCC official, who pleaded anonymity because the parties involved in the negotiation are yet to go public with the issue, disclosed this yesterday in Abuja, during an interview with Daily Trust.

The official disclosed that the NCC would soon summon Etisalat top management to update the commission on how far it has gone on the debt issue, adding that commission would not allow any bank to take over the telecom company because of the effect that could have on the industry.

He said: “We are the regulator of the industry. As part of our duties and mandates, we liaise with other regulators and other government agencies on behalf of our industry on the issue affecting any of the players in our industry.

“We do this always, and on this issue we are on it; we have met with the parties involved and we are still meeting with them. We are trying to prevent any ugly occurrence in the industry. We wouldn’t allow a telcom with about 23 million subscribers to leave them out in the cold.”

While speaking with Daily Trust, the spokesperson of Etisalat, Oluseyi Osundedo confirmed that the company was in discussion with the banks, adding that the “discussion had reached an advanced stage and there is no cause for alarm.”

She, however, blamed Etisalat’s inability to pay the debt on time on the current economic downturn and lack of access to forex.




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  1. Pingback: $1.2B DEBT: CBN, NCC SAVES ETISALAT FROM CRISIS — The Page Nigeria

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