The Nigerian Communications Commission (NCC), and Central Bank of Nigeria, CBN, on Tuesday intervened on proposed take over by a consortium of banks, over a debt of N541.8 billion owed by the network provider.
In a statement issued by NCC in Abuja and signed by Director, Public Affairs, NCC, Tony Ojobo.
He assured Etisalat subscribers NCC would do all within its regulatory power to ensure that Etisalat subscribers continue to enjoy the services provided by the operator.
The statement reads ; “The attention of the Commission has been drawn to a planned takeover of Etisalat by a consortium of banks. As a result of this planned action the Commission wishes to state as follows:
“The Commission is aware of the indebtedness of Etisalat to the consortium of banks;
“In conjunction with the Central Bank of Nigeria (CBN), it mediated by holding several meetings with the banks, Etisalat and other stakeholders with a view to finding a resolution;
” Regrettably these meetings did not yield the desired results.
“The NCC wishes to reassure the over 21 million Etisalat subscribers that it will do all within its regulatory power to ensure that Etisalat subscribers continue to enjoy the services provided by the operator.
“The Commission has taken proactive steps to cushion the impact of the takeover, this is without prejudice to the ongoing effort between Etisalat and the banks toward negotiated settlement”.
“In view of the recent development, NCC wishes to reassure all stakeholders in the telecommunications sector in particular the subscribers on the Etisalat Network that the Commission will ensure that the integrity of Etisalat Network is not compromised.
“Accordingly, the Commission has drawn the attention of the banks to provisions of the Nigerian Communications Act (NCA) 2003 Section 38:
Sub section 1 – The grant of a license shall be personal to the licensee and the license shall not be operated by, assigned, sub licensed or transferred to another party unless the prior written approval of the commission has been granted;
“Sub section 2 – A licensee shall at all times comply by the terms and condition of the license and the provision of this act and its subsidiary legislation.
“Whilst the banks and Etisalat are working at resolving the issues, the Commission wishes to assure subscribers that they will continue to enjoy the services provided by Etisalat”, he noted.
It would be recalled that on March 8, a consortium of banks tried to take over Etisalat, because of its N541.8 billion debt. These included foreign and Nigerian banks, Guaranty Trust Bank, Access Bank and Zenith Bank, have been having a running battle with the mobile telephone operator, over a loan facility totalling 1.72 billion dollars (about N541.8 billion) obtained in 2015.
LAIDE AKINBOADE-ORIERE
