CBN Intervenes in Etisalat’s Debt Crisis
The Central Bank of Nigeria urged the consortium of banks to which Etisalat is indebted to the tune of over $1.2 billion to stop putting pressure on the telecom company. Mr. Godwin Emefiele, CBN Governor, handed the directive yesterday. According to a source: Just like the NCC has warned that Etisalat’s license is not transferable, the leadership of the CBN from all indications will not allow any hostile takeover without its approval. They (the banks) cannot do that by just taking a decision like that. Etisalat is not transferring any licence to any consortium of banks. We are going to resolve it amicably. The CBN and NCC are working towards resolving it amicably. the CBN source said. However, ThisDay reports that the banks revealed a lot of information during their presentation which include the fact that they: - Had no intention of taking over Etisalat Nigeria, as had been widely reported. - The banks also felt that Emirates Telecommunications Group Company (Etisalat Group)...