Reprieve came for Mobile Network
Operator, Etisalat on Friday following a meeting convened by
financial regulator, Central Bank of Nigeria, CBN and telecom regulator,
Nigerian Communications Commission, NCC to find a quick resolution to the loan
default crisis facing the company.
Friday’s meeting succeeded in
halting the attempt by Etisalat’s creditors at bringing it under any form of
take over. Receivership was completely taken off the table in a meeting that
was 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 that will bring all parties closest to a resolution.
The CBN and NCC were able to secure
for Etisalat the necessary oxygen to enable it continue to meet urgent
operational expenses.
CBN Governor, Mr Godwin Emefiele who
chaired the meeting, was firm in declaring what needed to be done by both
parties towards a quick resolution. The NCC equally made it clear everything
necessary must be done to protect the 23 million Etisalat subscribers and also
protect the telecom industry to prevent potential investors from developing
cold feet.
Meanwhile, in a renewed effort
to ensure that Etisalat remains in business while the consortium of banks meet
their obligations to their customers, a meeting will hold on March 16 to
agree on a payment restructuring path going forward.
The NCC will lead the CBN in a
possible crucial meeting with Etisalat’s shareholders anytime soon.
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