By The efforts of the embattle debtor teleco, Etisalat Nigeria seeking reprieve from the Central Bank of Nigeria (CBN) and telecom regulator, Nigerian Communications Commission (NCC) over the his debt to four Banks yielded at last after meeting convened by financial regulator, to find a quick resolution to the loan default crisis facing the company.
The meeting succeeded in halting the attempt by Etisalat’s creditors at bringing it under any form of take over. 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.
Mr Godwin Emefiele, CBN governor, 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 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 fear of sudden acquisition by a consortium of local banks had prompted it to run to the Central Bank of Nigeria, (CBN) and the Nigerian Communications Commission, (NCC), for bailout.
The Banks gave loans to Etisalat two years ago but the teleco has not been able to pay back the loan, according to the Nation. The development is fallout of the difficult being faced by the telco in settling the debt.
It would be recalled that the CBN had arranged a meeting with executives of the affected banks on the issue, but the banks’ chiefs at the meeting with CBN were non-committal to the apex bank’s truce.
