Fidelity bank card banner Camano banner

NCC, CBN intervene in Etisalat debt crisis

By News Express on 21/06/2017

Views: 1,137

*NCC  headquarters
*NCC headquarters

A meeting between the officials of Etisalat Nigeria, the Nigerian Communications Commission, the Central Bank of Nigeria and a consortium of banks has reportedly been scheduled for Wednesday, June 21 to find a resolution to the debt crisis troubling the telecoms company.

Competent sources told Channels Television that several meetings were ongoing at the NCC and the CBN after talks between about 10 Nigerian banks and Etisalat Nigeria broke down.

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

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

Earlier on Tuesday, 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 N541 billion) owed by the company.

The telecoms group said in a statement that its total shares in Etisalat Nigeria have been transferred to United Capital Trustees Limited.

The deadline for the transfer of the shares has been agreed to extend till 5:00pm Nigerian time on Friday, June 23.

Abu-Dhabi based Etisalat group established Etisalat Nigeria with effective 45 per cent and 25 per cent ordinary and preference shares respectively. Reuters quoted an official of Etisalat Nigeria as saying that discussions with the group of Nigerian commercial lenders were ongoing to find a “non-disruptive” solution to the debt. (Channels TV)

Source News Express

Posted 21/06/2017 01:03:23 AM

 

 

CLASSIFIED ADS

 

You may also like...
Dairy farming ‘will save Nigeria’ from herdsmen, farmers...

Okorocha shuns court again, invades Iheanacho’s property for...

2019: Can Tinubu deliver South West for Buhari?...

Gov. Sani Bello, at News Express Lecture, declares...

2019: Odds mount against Ambode’s second coming

Troops advance to clear Boko Haram camps inside...

Court directs waste operators and Lagos State Government...

Intersociety demands credible probe of massacre of 22...

Son of revenue boss, girlfriend die in early...

Human factor critical to the success of shipping...

Ekeh is Guest Speaker at IMSU-Yudala mega entrepreneurship...

Peace Corps Bill not dead — NPC

 

Latest News Why we attacked Ike Ekweremadu in Germany — IPOB 63 reported dead, 182 wounded as bomb explodes at wedding Beating of Ekweremadu and the stones awaiting others, By Fredrick Nwabufo SERAP backs EFCC’s probe of Obasanjo govt’s $16bn power project Imo Guber: Apprehension in Ihedioha’s Camp Attack on Ekweremadu in Germany an embarrassment to Nigeria, says Dabiri-Erewa Many killed in fresh communal clash in Benue Bayelsa guber: Dickson sets up campaign committee to pick PDP candidate Trump to drop out of 2020 race within months — Former aide Alleged N3b scam: Oyo-Ita weighs options, seeks soft landing Taraba killing and the need to end Police-Army rivalry Insecurity: FG considers closing borders

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (527,578 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (438,055 views) Shameless Genevieve Nnaji exposes breasts in public (382,793 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (321,724 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (289,744 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (250,875 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (245,450 views) 10 cars more expensive than Jets (232,065 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (227,516 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (213,774 views) Lagos plane crash: Journalist releases victims’ names (192,728 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (190,660 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (98) Business & Economy (4,392) Business Verdict (78) Columnists (1,093) Complaints & Requests (95) Enterprise & Opportunities (214) Entertainment (647) Features (795) Global Business Monitor (417) ICT Monitor (58) International (3,839) Interview (198) Live Commentary (30) Love Matters (166) Maggie's Blog (379) News (50,094) Opinion (1,323) Pidgin (17) Politics (11,310) Religion (1,085) Sports (2,133) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera