CBN, NCC To Wade Into Etisalat Debt Crisis

Musa Ibrahim         Posted:    1 year ago
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CBN, NCC To Wade Into Etisalat Debt Crisis

A meeting between the officials of Etisalat Nigeria, Nigerian Communications Commission (NCC), the Central Bank of Nigeria (CBN) and a consortium of banks has reportedly been scheduled for Wednesday June 21st, 2017.

The essence of the meeting is to find a resolution to the debt crisis troubling the telecoms company.

Reuters quoted an official of Etisalat Nigeria as saying that discussions with the group of Nigerian commercial lenders are ongoing to find a “non-disruptive” solution to the debt.

The source further said that several meetings were ongoing at the NCC and the CBN after talks between about 10 Nigerian banks and Etisalat Nigeria broke down.

He also confirmed that part of the $1.2billion bank credit obtained by Etisalat Nigeria has been paid back since 2013 when the loans were first structured.

The parties are also expected to issue a joint statement on the matter tomorrow.

Earlier today, the Etisalat Group, the parent company of Etisalat Nigeria, informed the Abu Dhabi Securities Exchange that a group of Nigerian commercial banks refused to agree to the restructuring of the debt (which amounts to 541 billion naira) owed by the company.

 

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