NCC, Mubadala intervene in Etisalat’s Debt Issue

There are indications that the rift between Etisalat Nigeria and the consortium of lenders that provided a facility of $1.2billion to the former will be over soon as the telecommunications regulator, Nigerian Communications Commission (NCC), has assured that the issue would be resolved through intervention.

Mr. Sunday Dare, NCC’s Executive Commissioner, Stakeholders Management, who gave the assurance in Lagos in a chat with journalists, said officials of United Arab Emirates (UAE) Mubadala Group, the parent company of Etisalat, are in the country to meet with the Central Bank of Nigeria (CBN) over an amicable settlement of the issue.

Dare, who said the officials from the UAE have already called at NCC’s office, informed that the lenders will not takeover Etisalat as the knotty aspects of the loan facility would be resolved soon.

He revealed that the NCC has secured a priority foreign exchange (forex) window for telecommunications companies from the Central Bank of Nigeria, adding that forex would be given to telcos if the forex accessed is used for the purpose it was given to avoid capital flight and forex round-tripping.


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