N541.8bn debt: Etisalat isn”t leaving Nigeria – NCC

The Nigerian Communications Commission (NCC) has assured Etisalat Nigeria’s subscribers of quick resolution of the N541.8bn loan issue between the telecom company and a consortium of Nigerian banks. The telecom industry regulator also said the company wouldn’t leave Nigeria because of the debt issue. The NCC Executive Vice Chairman, Prof Umar Danbatta, gave the assurances […]

The Nigerian Communications Commission (NCC) has assured Etisalat Nigeria’s subscribers of quick resolution of the N541.8bn loan issue between the telecom company and a consortium of Nigerian banks. The telecom industry regulator also said the company wouldn’t leave Nigeria because of the debt issue.

The NCC Executive Vice Chairman, Prof Umar Danbatta, gave the assurances in Abuja shortly after the flag-off of the 2017 Year of Telecom Consumer campaign.

He said though the commission and the Central Bank of Nigeria had succeeded in preventing the takeover of Etisalat by the banks and their foreign backers, discussions would still be held in coming days for final resolution of the issue.

He said, “The issue is being resolved and it would soon be finally put to rest. As you are all aware, we have, together with CBN, been able to prevent the takeover of the company by the banks. 

“The issue wouldn’t be allowed to destabilise the telecoms industry. We are handling it and you will be briefed adequately as events unfold on the issue.’’

He said a fresh meeting between the Etisalat shareholders, the NCC, the CBN and the banks would take place by month end.

It is expected that the matter would be resolved by that time, he said.