NCC okays Etisalat, stakeholders’ resolution on indebtedness

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By Kester Omu

The Nigerian Communications Commission says it is pleased with the resolution reached between troubled Etisalat and its creditors, stressing that the resolution would further strengthen Etisalat’s capacity to continue to provide services to its over 20million customers.

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In a statement issued earlier today by its Director of Public Affairs, Tony Ojobo, the Commission assures subscribers of network integrity of Etisalat, despite the setback created by the indebtedness.

Reports have it that Etisalat has reached an amicable resolution by restructuring its operation in Nigeria. The reports say Boye Olusanya, Former Deputy Managing Director of Celtel Nigeria (Now Airtel) will be the Chief Executive Officer of Etisalat, while a deputy Governor of the Central Bank of Nigeria, Joseph None will be the Chairman of the Board during the transition period.

But in the press statement, NCC states that in response to stakeholder enquiries regarding the current position on Etisalat Nigeria, the Commission is pleased to note that Etisalat and its creditors have successfully reached an amicable resolution of key issues pertaining to its indebtedness, and that a smooth transitional process has currently ongoing on mutually agreed terms.

The statement reads in part: “The Commission is confident that the amicable resolutions reached by the parties will further strengthen Etisalat’s capacity to continue to provide services to its over 20million customers and to fulfil its obligations to its other stakeholders as a going concern, regardless of any changes that the parties have agreed to Etisalat’s Ownership, its Board and/or its Executive Management.

“We further wish to assure that as empowered by the Nigerian Communications Act 2003, the Commission will continue to work assiduously with all industry stakeholders to ensure that the Nigerian telecommunications industry remains capable of playing its critical role as a key driver of national socioeconomic development. NCC is mindful of the need to sustain the industry’s significant contribution to National GDP, employment and infrastructure rollout at all times. The Commission’s intervention in the matter was informed by these considerations, and we are pleased at the success of the ongoing process.

“The Commission also wishes to acknowledge the pivotal role of the Central Bank of Nigeria in resolving the matter in a manner that protects the interests of all stakeholders – especially the creditor banks and Etisalat’s over 20million customers.”

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