Nigeria’s fourth largest operator Etisalat got a reprieve at the weekend from its creditor banks following the intervention of two Nigerian regulators in the financial and telecom sectors to avert a major crisis in the country.

With over 20 million subscribers and a huge non-serviced loan from a consortium of banks threatening to take over the operator, industry stakeholders feared a takeover could spike further investments in a national economy in recession.

Etisalat got a breather on Friday following a meeting convened by financial regulator, Central Bank of Nigeria (CBN) and telecom regulator, Nigerian Communications Commission (NCC) to find a quick resolution to the loan default crisis facing the company.

Despite its loan problems, Etisalat said it was expanding its Nigerian operations with a greater focus on data which it foresees will define the market in the months ahead. CEO of Etisalat Nigeria, Matthew Willsher, said the company would be expanding its investment portfolio to drive mobile internet.
An official statement by the NCC states “Friday’s meeting succeeded in halting the attempt by Etisalat’s creditors at bringing it under any form of takeover. Receivership was completely taken off the table in a meeting that was very productive and constructive.

read more on https://itedgenews.ng/2017/03/11/etisalat-gets-reprieve-from-creditor-banks-as-ncc-cbn-broker-talks-on-new-repayment-terms/

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