CBN, NCC Finding Ways To Help Etisalat
As we told you yesterday, Nigeria’s telecommunications company, Etisalat is in some financial mess. They borrowed huge amount of money that they could not pay and the banks that they borrowed from are now on their neck, threatening to dispossess them of their business.
But it appears there is light at the end of the tunnel for them as some of their friends are beginning to come to their aid.
On Thursday, the central bank of Nigeria and the Nigeria Communications Communication met to discuss how to help Etisalat renegotiate the debt to avoid the company being taken over.
Chairman of the Nigerian Communications Commission (NCC), Umar Danbatta, met with central bank governor Godwin Emefiele with the aim of intervening to protect millions of people who use Etisalat and some investors who have put their money in the company.
According to a statement that the NCC made available to newsmen on Thursday, it was disclosed that the CBN has invited the management of Etisalat Nigeria including the group of 13 banks that gave money to them to a meeting on Friday to find an amicable resolution to the matter.