How NCC, CBN saved Etisalat from planned takeover by banks

Professor Umar Danbatta, executive vice chairman, Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) staved off the planned takeover by a consortium of banks the company is owing over N200 billion.

Umar Garba Danbatta, executive vice chairman, NCC, who stated this in Abuja, also said that “At this point, let me assure you that there is no cause for alarm regarding the matter; the regulators are on top of the situation and details of the resolution would be made available within the next couple of weeks.”

“The NCC and the CBN have to intervene regarding this issue, particularly in a manner that will not disturb the business operations of all the parties involved and in the larger interest of the nation’s economy,” Danbatta said.

Danbatta said the NCC and the CBN scheduled another meeting for next week among the major actors, pointing out that shareholders would also be involved in the talks to ensure an amicable resolution of the problem.

He spoke of how in 2015, consumers spent $5.6 billion on telecommunications services. “And in 2016, they topped it up by another 1 billion dollars to make it $6.6 billion,” the NCC chief said.

To him, “today’s event is remarkable and more remarkable is that the year 2017 is dedicated to the Nigerian Telecom consumer – a management decision that compels us to seek to amplify our activities towards ensuring that the consumer enjoys a consumer experience that is enhanced and consistent in time and granted.


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