Etisalat Nigeria resolves $1.2bn indebtedness with banks

The Nigerian Communications Commission (NCC) says Etisalat Nigeria and its creditors have successfully reached a resolution to the $1.2 billion loan.

The Director, Public Affairs of the NCC, Tony Ojobo said in a statement in Lagos on Tuesday that a smooth transitional process was currently ongoing on mutually agreed terms.

Ojobo said that the commission was confident that the amicable resolutions reached by the parties would further strengthen Etisalat’s capacity to continue to provide services to its over 20 million customers.

“This is regardless of any changes that the parties have agreed to Etisalat’s ownership, its board and/or executive management.

“We further wish to assure that as empowered by the Nigerian Communications Act 2003, the commission will continue to work assiduously with all industry stakeholders.

“This is to ensure that the Nigerian telecommunications industry remains capable of playing its critical role as a key driver of national socioeconomic development,” he said, according to Guardian

Ojobo said that the NCC was mindful of the need to sustain the industry’s significant contribution to the National GDP, employment and infrastructure roll-out at all times.

“The commission also wishes to acknowledge the pivotal role of the Central Bank of Nigeria in resolving the matter in a manner that protects the interests of all stakeholders, especially the creditor banks and Etisalat’s over 20 million customers,” Ojobo said.

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