Modupe Gbadeyanka
By Modupe Gbadeyanka
At least for now, the threats by some Nigerian banks to takeover Etisalat due to debts will not happen, going by outcome of a meeting held last Friday.
During the meeting, financial regulator, the Central Bank of Nigeria (CBN) and its counterpart in the telecom industry, the Nigerian Communications Commission (NCC) held talks with the affected banks and Etisalat on how to solve the problem without leading to receivership.
The meeting, convened by the CBN to find a quick resolution to the loan default crisis facing the company, 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.
At the talks held at the CBN office in Lagos, 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 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.
It was also gathered that the NCC will lead the CBN in a possible crucial meeting with Etisalat’s shareholders anytime soon.
