DEBT disaster: NCC, CBN halt selection to take over Etisalat - Naijatune

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Saturday, 11 March 2017

DEBT disaster: NCC, CBN halt selection to take over Etisalat

The Nigerian Communications commission (NCC) and the important bank of Nigeria (CBN) have were given reprieve for Etisalat on the mortgage default disaster dealing with the organization.

In a announcement on Saturday, Tony Ojobo, director of public affairs of NCC, said the reprieve came following a assembly convened by means of CBN and NCC to find a short decision to the disaster.

“Friday’s assembly succeeded in halting the try by way of Etisalat’s creditors at bringing it below any form of take over,” the declaration read.

“Receivership was absolutely taken off the table in a meeting that became very productive and constructive.

“The meeting, which held at the CBN office in Lagos, had the consortium of banks being owed and Etisalat in attendance.

“The banks and the mobile network operator agreed to concrete actions with a view to bring all events closest to a resolution.”

He stated CBN and NCC have been capable of comfortable for Etisalat the necessary “oxygen” to enable it keep to meet urgent operational charges.

Ojobo stated Godwin Emefiele,  governor of CBN, who chaired the assembly, was firm in asserting what needed to be carried out with the aid of both parties in the direction of a brief resolution.

He said NCC equally made it clean that the whole lot necessary need to be achieved to defend 23 million Etisalat subscribers.

The director said there has been also the need to protect the telecoms enterprise to save you capacity investors from developing cold feet.

He said effort has been made to ensure that Etisalat stays in commercial enterprise at the same time as the consortium of banks meet their obligations to their clients.

“A meeting will maintain on March 16 to agree on a charge restructuring direction going ahead,” he stated.

“The NCC will lead the CBN in a probable important assembly with Etisalat’s shareholders each time quickly.”

On March eight, there was an try by using a consortium of banks to take over Etisalat due to its N541.eight billion debt.

A consortium of some overseas and Nigerian banks, which includes warranty accept as true with bank, get right of entry to bank and Zenith bank, have been having a strolling struggle with the mobile smartphone operator, over a mortgage facility totalling 1.72 billion dollars (about N541.eight billion) received in 2015.

The banks stated their attempt to get better the mortgage by using all means, become fuelled by using the strain from the Asset management employer of Nigeria (AMCON), demanding on the spot reduce down at the fee in their non-performing loans.

NCC seems not to be favourably disposed to the takeover concept; as it believed that Etisalat is not handiest a feasible going situation, however additionally inclined and capable of negotiate the servicing of its loans.

Etisalat is Nigeria’s fourth biggest telecommunications operator. It started out enterprise in Nigeria in 2009.

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