Etisalat Gets Reprieve; What We know So Far

Nairametrics| Etisalat Nigeria has finally reached a deal with a consortium of Nigerian Banks. The deal was brokered by the Central Bank of Nigeria and the Nigerian Communications Commission (NCC) during the week as banks threatened to takeover the company over a combined loan of N542 billion, which the telecoms company had defaulted in.

Here is what we know so far about the deal;

  • A meeting was held in the Lagos office of the Central Bank of Nigeria and had officials of Etisalat, the Commercial Banks and NCC in attendance.
  • CBN Governor, Mr Godwin Emefiele chaired the meeting and set the tone for discussions by declaring for a quick resolution.
  • Also in attendance was Mr Tony Ojobo, the Director of Public Affairs of NCC
  • The NCC and CBN explained that they had decided to wade into the matter because of the 23 million subscribers connected to the telecoms network
  • The meeting succeeded in taking receivership of the table, meaning that the Etisalat will not be taken over by banks, at least for now.
  • According to officials of the NCC, the Etisalat has been given the “necessary oxygen” to enable it meet urgent operational expenses.
  • A meeting where restructuring plans for the new deal will be discussed was fixed for March 16.





Chacha Wabara

Chacha Wabara is a legal practitioner, blogger and fitness coach. She has over 5 years experience in blogging and freelance writing. She has written several articles and research work over the years as a freelance contributor. She joins Nairametrics as Our News and Analysis Lead.

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