Again, NCC, CBN, Banks Meet Wednesday To Save Etisalat
If anything happens to Etisalat Nigeria, it will have grave consequences on the Nigerian economy.
The government knows; so it is sending in the 'big boys' to manage the situation.
Officials of the Central Bank of Nigeria, CBN, the Nigeria Communications Commission, NCC and the banks being owed will meet on Wednesday, June 21 to find a lasting solution.
You have heard how the company was unable to meet its debt obligations to the 13 banks it borrowed $1.2 billion prompting an eventual change in ownership.
Both CBN and NCC have been meeting with the banks before now to save Etisalat from complete collapse.
The tri-party are also expected to issue a joint statement after deliberations.
On Tuesday, Emerging Markets Telecommunication Services, 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.
This made the telecoms group to transfer its total shares in Etisalat Nigeria to United Capital Trustees Limited.
The deadline for the transfer of the shares has been agreed to extend till 5:00 pm Nigerian time on Friday June 23.
Abu-Dhabi based Etisalat group established Etisalat Nigeria with effective 45% and 25% ordinary and preference shares respectively.