ETISALAT LOAN: NCC Intervenes To Save Over 20Million Etisalat Subscribers

The Executive Vice Chairman of the Nigerian Communications Commission, NCC, Prof. Umar Danbatta and the Central Bank Governor and his team, has reached a decision to intervene in the loan issue between Etisalat Nigeria and a consortium of commercial banks.

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At a meeting held on Thursday, at the Central Bank Headquarters in Abuja, which was convened by the financial regulator at the instance of NCC, the telecom regulator, to further deliberate on how best to stave off the attempt by the banks to take over Etisalat.At the end of the meeting, the Central Bank of Nigeria agreed to invite Etisalat management and the banks to a meeting tomorrow, Friday, towards finding an amicable resolution.

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Executive-Vice-Chairman-N-C-C.-Prof.-Umar-Garba-Dambata-Making-his-point-1The NCC as a regulator of the telecom industry had moved quickly to intervene earlier in the week by reaching out to the CBN convinced of the negative impact such a bank take over will have on the industry. NCC was worried about the fate of the over 20 million Etisalat subscribers and the wrong signals this may send to potential investors in the Telecom industry.

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