NCC Gives Real Reason Why It Intervened On 9mobile
The timely intervention of telecom regulator, Nigeria Communications Commission, NCC and the Central Bank of Nigeria, CBN in the troubles of 9mobile when it got into debts was to sustain investor’s confidence in the telecommunications market.
This is according to Professor Umar Danbatta, who serves as the Executive Vice Chairman of the NCC.
He said via a statement issued on Sunday that the interventions had helped in saving several billions of dollars of investors’ money in Emerging Markets Telecommunications Services (EMTS), trading as 9mobile.
The NCC boss said that the interventions had preserved over 3,000 direct jobs and put the telecommunications company on the path of recovery.
According to him, the interventions averted possible collapse of 9mobile, as a result of a debt burden to a consortium of 13 banks and saved over 16 million subscribers on the network from being cut off.
“The interventions became necessary in order to address the decreasing subscriber base of 9mobile, save the country from image problems, instill investors’ confidence in the telecommunications market and prevent loss of jobs among Nigerians.
“By successfully midwifing the take-over of 9mobile by new investors, we are happy that the joint regulatory interventions have culminated in the stabilisation of the telecommunications industry, as well as calming frayed nerves in the financial services sector of the economy
“One can imagine the consequences to these two important sectors of the economy, if we had not intervened in a timely manner,” he said.
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