NCC assures on Etisalat, says smooth transition ongoing
A statement by the Commission’s Director of Public Affairs, Mr. Tony Ojobo, released on Tuesday, said “Etisalat and its creditor save successfully reached an amicable resolution of key issues pertaining to its indebtedness, and that a smooth transitional process is currently ongoing on mutually agreed terms.
” While noting that the ongoing processes and resolutions so far reached on the firm will not affect provision of services, the telecoms regulator added that the steps “will further strengthen Etisalat’s capacity to continue to provide services to its over 20million customers and to fulfil its obligations to its other stakeholders as a going concern, regardless of any changes that the parties have agreed to Etisalat’s Ownership, its Board and/or its Executive Management.”
The statement read further: “We further wish to assure that as empowered by the Nigerian Communications Act 2003, 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 is mindful of the need to sustain the industry’s significant contribution to National GDP, employment and infrastructure roll- out at all times. The Commission’s intervention in the matter was informed by these considerations, and we are pleased at the success of the ongoing process.
“The Commission also wishes to acknowledge the pivotal role of the Central Bank of Nigeria in resolving the matter in a manner that protects the interests of all stakeholders – especially the creditor banks and Etisalat’s over 20million customers.”
~Order Paper
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