$1.2b Etisalat debt: Why NCC intervened, by board chair

The Chairman, Board of the Nigerian Communications Commission (NCC), Senator Olabiyi Durojaiye, has said the board intervened in the $1.2billion Etisalat loan face-off with 13 local lenders in order to ensure continuous provision od services to the over 21 million subscribers of the telco.
He added that the intervention became imperative too to safeguard its over 4,000 employees, and stabilise the telecom sector to ensure its contribution to nation’s gross domestic product (GDP) is not impacted while investment continues to thrive.
According to a statement endorsed by its Director, Public Affairs, Tony Ojobo, the emergency meeting, which was presided over by the board chairman,  was  to review the Etisalat issue in its entirety and also review the intervention made by the NCC management.
The board commended the NCC management for its handling of the Etisalat issue.
The board commended the cooperation and inter-agency collaboration exhibited by the Central Bank of Nigeria (CBN), the regulator of the financial sector.
The board directed the management of carriers to ensure at all times that telcos meet the financial and technical integrity standards expected of them.

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