Fidelity bank banner UBA banner
NCC, CBN intervene in Etisalat debt crisis

By News Express on 21/06/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 924

*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

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
RIGHTSView: AS CORRUPTION AND INSECURITY STIFLE AFRICA’S GROWTH...

MTN heads for court to challenge jumbo NCC...

Eko DISCO moves to eradicate “crazy bills”

Corruption: Swear in public officers with deities; not...

Boko Haram dislodged from forest hideout, suffers heavy...

Kaduna Govt. to fund reconstruction of churches, mosques...

PDP Delta Mandate pulls party heavyweights to Delta...

Bad news from Sudan: Super Eagles fail to...

CRISIS HITS PDM •Anenih disowns party •Amaechi, 6...

BREAKING NEWS: Niger Delta Avengers set for fresh...

Catholic Bishops meet on Sunday

UBA partners MEC to launch revolutionary e-mail payment...

 

Latest News 2019: APC buying PVCs at N3,000, N10,000 — PDP Salaries, pensions: NLC draws battle-line with governors Having sex in a car in public not a crime, says Police Buhari’s refusal to sign Electoral Act, a ploy to rig 2019 elections — Wike NIS launches gun-boat in Cross River to curb illegal migration 2019: Buhari, Atiku, others sign Peace Accord Edo Govt. seals deal to effect permanent repairs on all potholes in the state No plan to increase petrol pump price — PPPRA Woman’s outrage as alleged rapist walks free Shell emerges Local Content Operator of the year Electoral Act: Override Buhari, Peter Obi Support Network tells NASS Oyo APA guber candidate accuses NURTW of campaigning for APC candidates

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (429,662 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (394,671 views) Shameless Genevieve Nnaji exposes breasts in public (327,583 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (280,902 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (247,731 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (229,208 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (212,015 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (193,220 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (179,509 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (170,382 views) Lagos plane crash: Journalist releases victims’ names (167,169 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (153,654 views)

 

Zenith Zero Balance First Bank chat banking

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (76) Business & Economy (3,873) Business Verdict (54) Columnists (972) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (575) Features (679) Global Business Monitor (311) International (2,806) Interview (167) Live Commentary (28) Love Matters (146) Maggie's Blog (69) News (41,345) Opinion (1,150) Pidgin (13) Politics (8,120) Religion (911) Sports (1,815) Stock Watch (35) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera