Friday 20th October, 2017
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CBN, banks tighten hold on Etisalat, appoint new board

CBN, banks tighten hold on Etisalat, appoint new board

     NCC reassures consumers of network’s integrity

 

The Central Bank of Nigeria and 13 local banks which loaned $1.2 billion to telecom firm, Etisalat Nigeria effectively took over the company yesterday with the appointment of a new management team.
 
Etisalat Nigeria confirmed on Tuesday that it has appointed a new board, led by the central bank's Deputy Governor, Joseph Nnanna as chairman, after regulators stepped in to save the company from collapse.
 
A spokesman for the company, which is partly owned by UAE group Etisalat, said Nnanna has been appointed as chairman, Boye Olusanya as Chief Executive and Funke Ighodaro as Chief Financial Officer.
 
The lenders had moved to take over the company following its failures to meet up with the payment of the facility. Extensive talks also failed to produce an agreement.
 
However, the Nigerian Communications Commission (NCC) has reassured Etisalat subscribers of the network's integrity despite the constitution of the new board of management.
 
A statement from NCC's Director of Public Affairs, Tony Ojobo said that the commission is committed to ensuring Etisalat’s capacity to continue to provide services to over 20 million customers as well as fulfill its obligations to its other stakeholders regardless of the changes made.
 
The statement further said that 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 socio-economic development.
 
NCC stated that it is mindful of the need to sustain the industry’s significant contribution to National GDP, employment and infrastructure roll-out at all times. 

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