The Nigerian
Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have
gotten a reprieve for Etisalat Nigeria on the loan default crisis facing the
mobile telecoms operator.
The reprieve,
which was gotten on Friday, is coming on the back of negotiations with three
Nigerian banks that threatened to take over the firm over a $1.72 billion
(about N541.8 billion) debt.
After much
deliberation in Lagos yesterday, the creditor consortium of banks were
prevailed upon to reconsider their demands and halt their attempt to take over
Etisalat.
In a statement
issued today, the Director of Public Affairs of NCC, Mr Tony Ojobo, said:
“Friday’s meeting succeeded in halting the
attempt by Etisalat’s creditors at bringing it under any form of takeover.
“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.”
Mr Ojobo
further added that CBN and NCC were able to secure for Etisalat the necessary
“oxygen” to enable it continue to meet urgent operational expenses.
The NCC
spokesperson said the CBN Governor, Godwin Emefiele, who presided over the
meeting, was firm in his declaration about what needed to be done by both
parties towards a quick resolution of the crisis.
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