The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have succeeded in halting an attempt by Etisalat’s creditors to take over the company.
A statement by the spokesman for NCC, Tony Ojobo, said reprieve came for the mobile network operator during a meeting held on Friday.
According to the statement, 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.
“The CBN and NCC were able to secure for Etisalat the necessary oxygen to enable it continue to meet urgent operational expenses.
“CBN Governor, Mr Godwin Emefiele, who chaired the meeting, was firm in declaring what needed to be done by both parties towards a quick resolution. The NCC equally made it clear that everything necessary must be done to protect the 23 million Etisalat subscribers and also protect the telecom industry to prevent potential investors from developing cold feet.
“Meanwhile, in a renewed effort to ensure that Etisalat remains in business while the consortium of banks meet their obligations to their customers, a meeting will hold on March 16 to agree on a payment restructuring path going forward.
“The NCC will lead the CBN in a possible crucial meeting with Etisalat’s shareholders anytime soon,” the statement read.