by Dolapo Adelana

The Central Bank of Nigeria (CBN) and telecom regulator, Nigerian Communications Commission (NCC) have halted the planned take over of telecommunications company Etisalat by its creditors.

Earlier in the week, it creditors, which include three Nigerian banks sought to take over the company due to its failure to repay a N541bn loan.

But in a statement late Friday by the NCC spokesman, Tony Ojobo, both agencies met with the banks and Etisalat in a meeting chaired by CBN Governor, Godwin Emefiele.

It resolved to meet again on March 16 to agree on a repayment plan.

The statement read, “Reprieve came for Mobile Network Operator, Etisalat on Friday following a meeting convened by financial regulator, Central Bank of Nigeria, CBN and telecom regulator, Nigerian Communications Commission, NCC to find a quick resolution to the loan default crisis facing the company.

“Friday’s 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.

“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.

“The NCC will lead the CBN in a possible crucial meeting with Etisalat’s shareholders anytime soon.”