Indebtedness: NCC Says Etisalat, Banks Reaches Amicable Resolution

Abuja-The Nigeria Communications Commission(NCC)has on Tuesday disclosed that Etisalat and its creditors have successfully reached an amicable resolution of key issues pertaining to its indebtedness.

Making the disclosure in a statement, the Director, Public Affairs, NCC, Tony Ojobo said that a smooth transitional process is currently ongoing on mutually agreed terms.

He further said that the Commission is confident that the amicable resolutions reached by the parties will further strengthen Etisalat’s capacity to continue to provide services to its over 20million customers and to fulfil its obligations to its other stakeholders as a going concern, regardless of any changes that the parties have agreed to Etisalat’s Ownership, its Board and/or its Executive Management.

He said; “We further wish to assure that as empowered by the Nigerian Communications Act 2003, the Commission will continue to work assiduously with all industry stakeholders to ensure that the Nigerian telecommunications industry remains capable of playing its critical role as a key driver of national socio-economic development.

“NCC is mindful of the need to sustain the industry’s significant contribution to National GDP, employment and infrastructure roll-out at all times. The Commission’s intervention in the matter was informed by these considerations, and we are pleased at the success of the ongoing process” he added.

Ojobo acknowledged the pivotal role of the Central Bank of Nigeria in resolving the matter in a manner that protects the interests of all stakeholders – especially the creditor banks and Etisalat’s over 20million customers.

The mobile telephone operator has been battling with a consortium of banks over a loan facility totalling $1.72 billion (about N541.8 billion) obtained in 2015.

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