Close Menu
  • Home
  • News
  • Sport
  • Politics
  • Column
  • Business
  • Entertainment
    • Photos
    • Fashion
    • Movies
    • Music
    • Life & Style
      • Crime
      • R&D Health
      • Diet and Fitness
      • Intimacy
  • Videos
  • About Us
    • Contact Us
Facebook X (Twitter) Instagram
Trending
  • Third Edition: Governor to deliver NGE’s Lateef Jakande Lecture
  • NGE announces third Lateef Jakande lecture
  • Shettima not wrong, Tinubu has no power to remove a governor, ADC slams Presidency
  • Presidency debunks reports linking Shettima’s book launch remarks to Rivers’ crisis
  • 25th Anniversary: NDDC celebrates culture, affirms peaceful Niger Delta
  • Egbin Power boss advocates sustainable development in electricity sector
  • Tinubu’s defence of his critics’ freedom of expression, by Owaikhena Osikhekha
  • US Embassy offers reason for reviewing visa validity for Nigerians
Facebook X (Twitter) Instagram
The Eagle OnlineThe Eagle Online
Banner
  • Home
  • News

    Third Edition: Governor to deliver NGE’s Lateef Jakande Lecture

    July 11, 2025

    NGE announces third Lateef Jakande lecture

    July 11, 2025

    Shettima not wrong, Tinubu has no power to remove a governor, ADC slams Presidency

    July 11, 2025

    Presidency debunks reports linking Shettima’s book launch remarks to Rivers’ crisis

    July 11, 2025

    25th Anniversary: NDDC celebrates culture, affirms peaceful Niger Delta

    July 11, 2025
  • Sport

    Musa pledges revival as he unveils plans for Kano Pillars

    July 11, 2025

    WAFCON: Super Falcons edge Botswana in tough encounter

    July 11, 2025

    Gumel bankrolls Olympic marathon walk, invites Nigerians

    July 10, 2025

    CHAN 2025: 28 players in camp, seven others out

    July 10, 2025

    PSG crush Real Madrid to reach Club World Cup final

    July 10, 2025
  • Politics

    Gender equity critical to democracy – PLAC

    July 11, 2025

    Bello disowns APC chairmanship campaign posters

    July 11, 2025

    No intention to push away state chairmen – ADC leadership

    July 11, 2025

    Coalition : Bode George urges Atiku, others to stay in PDP

    July 11, 2025

    Edo 2024: Agba felicitates Okpebholo on Supreme Court affirmation

    July 11, 2025
  • Column

    Tinubu’s defence of his critics’ freedom of expression, by Owaikhena Osikhekha

    July 11, 2025

    Boss Mustapha’s full lecture at Garba Shehu’s book launch

    July 11, 2025

    BAT rejects Trump’s amazing offer, by Tunde Odesola

    July 11, 2025

    Ortom should set standard of telling the truth always, by Isaac Uzaan

    July 10, 2025

    Again, Trump’s way or the highway, by Azu Ishiekwene 

    July 10, 2025
  • Business

    Renaissance CEO seeks PIA review, applauds regulatory progress

    July 11, 2025

    Reforms: How Nigeria, Kenya are rewriting Africa’s procurement ‘playbook’, by Sufuyan Ojeifo

    July 11, 2025

    Lagos unveils investment deal book, bold vision for a 21st century economy

    July 10, 2025

    AEF warns against CBN’s new BDC policy, cites threat to Northern economy, national security

    July 10, 2025

    Host community trusts receive N97b, $149m development fund – NUPRC

    July 10, 2025
  • Entertainment
    1. Photos
    2. Fashion
    3. Movies
    4. Music
    5. Life & Style
      • Crime
      • R&D Health
      • Diet and Fitness
      • Intimacy
    Featured

    Beautiful Fire: A Poet’s protest against poor governance, by Michael Olatunbosun

    By Olatunbosun MichaelJuly 10, 2025 Life and Style 5 Mins Read
    Recent

    Beautiful Fire: A Poet’s protest against poor governance, by Michael Olatunbosun

    July 10, 2025

    Sir George Okei @ 80: Celebrating one of the moulders of Edo, Delta, by Jerome-Mario Utomi 

    July 5, 2025

    President Tinubu celebrates Olubadan of Ibadan at 90

    July 4, 2025
  • Videos

    Video: 2027: Alliance to have Atiku as president for one term, Obi as VP, to then run for presidency in 2031

    April 12, 2025

    APC Crisis: Why Tinubu demanded for Sanwo-Olu’s resignation

    April 10, 2025

    How Driver Of Gas-Bearing Truck Brought Misery To Many Under Otedola Bridge – Dotun Oladipo

    March 15, 2025

    Korra Obidi calls out ex-husband for failing to pay child support

    December 7, 2023

    2024 will be year of turbulence -Apostle Selman

    December 7, 2023
  • About Us
    • Contact Us
The Eagle OnlineThe Eagle Online
Home»Business»CBN, NCC move to intervene in Etisalat loan issue
Business

CBN, NCC move to intervene in Etisalat loan issue

NANBy NANMarch 10, 2017No Comments
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

The Nigeria Communications Commission on Thursday said the Commission and the Central Bank of Nigeria had moved to intervene in the Etisalat loan issue.
The Director of Public Affairs of the NCC, Tony Ojobo, said this in a statement issued in Abuja.
Ojobo said: “After a meeting on Thursday afternoon in Abuja between the Executive Vice Chairman of NCC, Prof. Umar Danbatta, and the CBN Governor, Godwin Emefiele, and his team, a decision was reached to intervene in the loan issue between Etisalat Nigeria and a consortium of commercial banks.
“The meeting which was held at the CBN in Abuja was convened by the financial regulator at the instance of NCC and the telecom regulator to further deliberate on how best to stop the attempt by the banks to take over Etisalat.
“At the end of the meeting, the CBN agreed to invite Etisalat management and the banks to a meeting tomorrow, Friday, toward finding an amicable resolution.”
Ojobo said the NCC as a regulator of the telecom industry had moved quickly to intervene earlier in the week by reaching out to the CBN because it was convinced of the negative impact such takeover move would have on the industry.
He added that NCC was worried about the fate of the over 20 million Etisalat subscribers and the wrong signals this might send to potential investors in the telecom industry.
It was reported that on March 8, Etisalat was had been taken over by three banks because of its N541.8 billion debt.
However, a News Agency of Nigeria correspondent spoke with the Head of Public Relations, Etisalat Nigeria, Oluseyi Osuntedo, dispelled the talk that banks had taken over the company.
Osuntedo told NAN in Lagos that discussions were still ongoing between the banks and the company.
She said: “Discussions are going on; nobody is taking up the company.
“It is not true that we are being picketed, whoever gave the information is not telling the truth.”
A consortium of some foreign and Nigerian banks, including 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 (about N541.8 billion) obtained in 2015.
The banks said their attempt to recover the loan by all means was fuelled by the pressure from the Asset Management Company of Nigeria, demanding immediate cut down on the rate of their non-performing loans.
The NCC appears not to be favourably disposed to the takeover proposal as it believes Etisalat is not only a viable going concern, but also willing and able to negotiate the servicing of its loans.
Etisalat is Nigeria’s fourth largest telecoms operator with about 21 million subscribers as at January 2017, according to the NCC.
It commenced business in Nigeria in 2009.

Post Views: 130

Follow The Eagle Online Channel on WhatsApp

Central Bank of Nigeria Etisalat Nigeria Communication Commission Prof. Umar Danbatta Tony Ojobo
Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
Previous ArticleDelta teachers begin indefinite strike over unpaid salaries
Next Article UI imposes N1,000 parking fee as 3,502 students matriculate
NAN

Related Posts

Mohbad’s Death: Why I was invited by police — Iyabo Ojo

July 11, 2025

Breaking: US denies reason offered by Nigeria for visa restriction

July 11, 2025

Renaissance CEO seeks PIA review, applauds regulatory progress

July 11, 2025
Dangote Ad
© 2025 All Rights Reserved. The Eagle Online.
  • Home
  • Privacy Policy
  • Advert Rates
  • Submit News
  • Contact Us

Type above and press Enter to search. Press Esc to cancel.