" ITREALMS: Breaking News: CBN, NCC intervene on Etisalat loan, summon parties

Thursday, March 09, 2017

Breaking News: CBN, NCC intervene on Etisalat loan, summon parties

The management of the Nigerian Communications Commission (NCC) and Central Bank of Nigeria (CBN) have intervened in the loan burden between Etisalat Nigeria and a consortium of commercial banks, reports ITRealms.

This, ITRealms gathered, followed a management meeting between the two regulators of telecommunications and financial sectors, in order to salvage the matter at the instance of NCC, which paved the way for an urgent meeting for Friday, March 10 between the feuding parties.

Confirming this, the Director, Public Affairs, Nigerian Communications Commission, Tony Ojobo told ITRealms that a meeting was held Thursday afternoon in Abuja between the Executive Vice Chairman (EVC) of NCC, Prof. Umar Danbatta and Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, alongside his team.

According to Ojobo, a decision was reached to intervene in the loan issue between Etisalat Nigeria and a consortium of commercial banks.

He also disclosed that the meeting which held at the Central Bank Headquarters in Abuja was convened by the financial regulator at the instance of NCC, the telecom regulator, to further deliberate on how best to stop the attempt by the banks to take over Etisalat.

“At the end of the meeting, the Central Bank of Nigeria agreed to invite Etisalat management and the banks to a meeting tomorrow, Friday, towards finding an amicable resolution,” he said.

Ojobo further said that NCC as a regulator of the telecom industry had moved quickly to intervene earlier in the week by reaching out to the CBN and was convinced of the negative impact such a bank take over will have on the industry.

NCC, he said, is concerned about the fate of the over 20 million Etisalat subscribers and the wrong signals this may send to potential investors in the telecom industry.

Chuks Egbune/GEE
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