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Home Business News

CBN to the Etisalat 13: Stand down

Onome Ohwovoriole by Onome Ohwovoriole
June 23, 2017
in Business News
This Might Explain Why This Flexible Exchange Rate Policy Is Not ‘Working’ For You
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Unconfirmed reports from Vanguard newspapers have stated Central Bank of Nigeria (CBN) has intervened in the Etisalat Nigeria loan saga by asking the 13 commercial banks to stand down. Press reports earlier released had mentioned that the banks had taken over the telecoms firm. Here are key points from the latest CBN action:

  • The instructions came directly from the CBN Governor Godwin Emefiele who spoke to the bank MDs.
  • The banks were instructed to maintain the status quo regarding the debt. In other words, take no action against the company.
  • The banks are to clear any moves they make regarding the Etisalat debt with the apex bank, before implementing them.

While the telco may have been granted a new lease of life, some analysts have questioned the CBN’s mode of intervention, saying the banks should not be instructed on how they recover Non Performing Loans (NPLs). The apex bank may have decided to take that step, to prevent a loss of investor confidence in the country, critical at a time the country is on the verge of recovering from a recession.

Sources close to Etisalat Nigeria have also disputed the amount owed, saying it was far less than the $1.2 billion figure mentioned by the banks. The intervention by the CBN, puts the banks under more pressure, as they would have to make provisions for the loan, thus increasing their impairment levels. For the smaller banks involved, the move means raising capital will be an even bigger priority.

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Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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