• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
    • PR Nigeria Award
  • E-Paper
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
    • NAHCON

      Renewed Hope in Hajj Operations: NAHCON Records Milestone Achievements Under Tinubu…

      Mohammed Idris Malagi, Honorable Minister of Information and National Orientation

      FG Reaffirms Non-Interference in ICPC, EFCC Operations

      ICPC Secures Conviction of Rector for Running Unaccredited Degree Programmes

      Engr Abba Babagana Dalori

      Engr Dalori Forfeits Galaxy Hospital, Petrol Station, Properties & Cash

      Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

  • Fact-Check
  • Economy
    • Nigeria Customs Aligns with Finance Ministry over 4% FOB Policy Review

      Dangote Refinery Deploys 4,000 CNG Trucks, Promises 24,000 Jobs as Fuel…

      Renewed Hope in Central Banking

      Book Review: Renewed Hope in Central Banking – A Blueprint for…

      NAHCON

      Renewed Hope in Hajj Operations: NAHCON Records Milestone Achievements Under Tinubu…

      NUPENG

      NUPENG Suspends Strike After Truce With FG, Labour, Oil Stakeholders

  • National
    • Troops Neutralise Five Terrorists in Borno, Taraba Operations

      Omoyele Sowore and President Bola Ahmed Tinubu

      Finally, DSS Files Charge Against Sowore, Twitter, and Facebook over Anti-Tinubu…

      Prof Isa Pantami, former Minister of Communication and Digital Economy

      Gombe Tech Training: Pantami’s Call for a Paradigm Shift By Muhd…

      Dangote Refinery Deploys 4,000 CNG Trucks, Promises 24,000 Jobs as Fuel…

      Nnamdi Kanu of IPOB arrested by Nigerian security services

      Court Rejects Nnamdi Kanu’s Request for Transfer to National Hospital

    • Government
      • Engr. Suleiman Bolakale Kawu Agaka

        Engr. Kawu: A Heroic Homecoming for a Man of the People…

        Omoyele Sowore and President Bola Ahmed Tinubu

        Finally, DSS Files Charge Against Sowore, Twitter, and Facebook over Anti-Tinubu…

        HCSF, Didi Esther Walson-Jack

        Federal Govt Moves to Fill 5 Permanent Secretary Positions

        Commissioner of Police, CP Ibrahim Adamu Bakori, and Chief Medical Director of AKTH, Prof. A. Abba Sheshe, and the Managing Director/Chief Executive Officer of KEDCO, Dr. Abubakar Shuaibu Jimeta

        Power Outage: Police Broker Peace Between AKTH, DisCos in Kano

        Nnamdi Kanu of IPOB arrested by Nigerian security services

        Court Rejects Nnamdi Kanu’s Request for Transfer to National Hospital

  • Security
    • Military Troops during operations

      Military Kill Over 30 Terrorists in Borno, Adamawa

      Troops Eliminate Terrorists, Recover Weapons in Taraba

      Military Troops in Action

      Troops Neutralize Two Notorious Bandits in Katsina Forest

      Troops Neutralise Five Terrorists in Borno, Taraba Operations

      Omoyele Sowore and President Bola Ahmed Tinubu

      Finally, DSS Files Charge Against Sowore, Twitter, and Facebook over Anti-Tinubu…

  • Features
    • Engr. Suleiman Bolakale Kawu Agaka

      Engr. Kawu: A Heroic Homecoming for a Man of the People…

      Prof Isa Pantami, former Minister of Communication and Digital Economy

      Gombe Tech Training: Pantami’s Call for a Paradigm Shift By Muhd…

      Healing Nigeria: A Chronicle of Health Reforms

      Book Review: Is This the Cure? A Look into Healing Nigeria…

      Diplomacy and Digital Innovation – Youth Insight

      Book Review: Reshaping Diplomacy Through Digital Innovation – A Gen-Z Outlook…

      Renewed Hope in Central Banking

      Book Review: Renewed Hope in Central Banking – A Blueprint for…

  • State
    • Engr. Suleiman Bolakale Kawu Agaka

      Engr. Kawu: A Heroic Homecoming for a Man of the People…

      Military Troops during operations

      Military Kill Over 30 Terrorists in Borno, Adamawa

      Troops Eliminate Terrorists, Recover Weapons in Taraba

      Military Troops in Action

      Troops Neutralize Two Notorious Bandits in Katsina Forest

      Troops Neutralise Five Terrorists in Borno, Taraba Operations

  • Event
    • Prof. Abubakar Mu’azu

      UNIMAID appoints Prof. Mu’azu as Pioneer Dean, Faculty of Communication

      NIPR President Ike Neliaku

      NIPR Inducts 422 New Members, Urges Commitment to National Unity

      Baze University Management visits TETFUND, Showcases Tech-Driven Growth, National Impact

      PHOTOS: BUK Alumni Association Launches Digital Hub to Unite Global Graduates,…

      Founder Image Merchant Promotion Ltd, Yushau Shuaib, Nigeria Customs CG, CGC Bashir Adewale Adeniyi and the IPRA representative during the 2024 GWA awards in Belgrade, Serbia

      Again, ​IPRA Shortlists Nigeria Customs, IMPR for Golden World Awards, Celebrates…

    • PR Nigeria Award
  • E-Paper
Home Features Etisalat vs Banks: CBN, NCC intervene to save jobs, Asset Stripping
  • Features
  • National

Etisalat vs Banks: CBN, NCC intervene to save jobs, Asset Stripping

By
Prnigeria
-
June 23, 2017
CBN
CBN
Following the deepening crisis between Etisalat and a consortium of 13 Nigerian Banks over a syndicated loan of about US$1.2 billion granted the telecom company by the banks, the Central Bank of Nigeria (CBN) on Friday, June 23, 2017 said the apex Bank and the Nigeria Communications Commission (NCC) decided to intervene in the crisis in order to prevent job losses and asset stripping.
 
Confirming the intervention of the two regulators in the loan dispute, the CBN Spokesman, Isaac Okorafor said: “Although it should ordinarily not be the role of a regulator to decide how individual bad loans are resolved, the CBN believes that Etisalat is a systemically important telecommunications company with over 20 million subscribers that if not well handled, may have negative implications for the banking system itself.
 
He further explained that the CBN and NCC, sensing that banks might go ahead in the usual way and downsize the company’s over 4,000 staff, reached an agreement to intervene and implore the consortium of banks to be reassess its position in dealing with Etisalat.
 
Okorafor described some media reports insinuating high-handedness by CBN on the issue as “the height of mischief and insensitivity” explaining that the collaborative move by the regulators was aimed at preventing job losses and asset stripping and to ensure that Etisalat remains in business and is able to pay back the loans. 
 
According to him, the CBN and the NCC, in the coming days, will meet with the syndicate of banks and the IHS Towers, the tower managers and the equipment suppliers, in order to achieve what he termed “a win-win outcome” for all stakeholders.
 
It will be recalled that Etisalat has been embroiled with a consortium of 13 Nigerian Banks that gave it a facility of about US$1.2 billion, on which the company has been unable to meet its repayment obligations in line with agreed terms of the facility.
 
Given the inability of Etisalat to come to an acceptable agreement with the banks, the largest shareholder in the company, Dubai-based Mubadala Development Company of the United Arab Emirates, has now pulled out of the company as well as the ongoing negotiations, leaving only their local partners, led by Hakeem Belo-Osagie, to carry the burden.
 
It was based on the attempt of the banks to take over the company that the financial and telecommunications regulators have moved in to intervene and forestall down-sizing and asset stripping
  
By PRNigeria
VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • CBN
  • Etisalat
  • NCC
Previous articleNigerian Troops Trained in Pakistan Represent all Geopolitical Zones
Next articleInsecurity: Niger Governor Warns Against Lawlessness
Prnigeria
Prnigeria
https://prnigeria.com
PRNigeria is the pioneer Press Release Distribution agency in Nigeria. A member of image Merchant Promotions limited, PRNigeria encourages individuals and organisations to be more transparent in their information management. with dedicated Editorial staffs, the PRNigeria ensures that information provided on its platforms are timely, factual and authoritative Read more at: //prnigeria.com/about/
Facebook Twitter

RELATED ARTICLESMORE FROM AUTHOR

Engr. Suleiman Bolakale Kawu Agaka

Engr. Kawu: A Heroic Homecoming for a Man of the People By Adegboyega Ajadi

Troops Neutralise Five Terrorists in Borno, Taraba Operations

Omoyele Sowore and President Bola Ahmed Tinubu

Finally, DSS Files Charge Against Sowore, Twitter, and Facebook over Anti-Tinubu Post

Prof Isa Pantami, former Minister of Communication and Digital Economy

Gombe Tech Training: Pantami’s Call for a Paradigm Shift By Muhd El-Bonga Ibraheem

Dangote Refinery Deploys 4,000 CNG Trucks, Promises 24,000 Jobs as Fuel Queues End

Nnamdi Kanu of IPOB arrested by Nigerian security services

Court Rejects Nnamdi Kanu’s Request for Transfer to National Hospital

Troops Repel Bandit Ambush in Katsina as Four Farmers Abducted in Zamfara

Military Troops during operations

Troops Recover Arms in Plateau, Intercept Drug-Laden Vehicle in Taraba

Healing Nigeria: A Chronicle of Health Reforms

Book Review: Is This the Cure? A Look into Healing Nigeria By Hanniel Noboh

Diplomacy and Digital Innovation – Youth Insight

Book Review: Reshaping Diplomacy Through Digital Innovation – A Gen-Z Outlook By Bilkisu Ahmed Shekarau

Renewed Hope in Central Banking

Book Review: Renewed Hope in Central Banking – A Blueprint for Nigeria’s Economic Future By Khadijah Lawan Muhammad

Shehu Mohammed, corps marshall

SHAKE-UP: FRSC Redeploys Senior Officers to Bolster Operations Nationwide

LEAVE A REPLY Cancel reply

Log in to leave a comment

Recent Posts

  • Nigeria Customs Aligns with Finance Ministry over 4% FOB Policy Review
  • Engr. Kawu: A Heroic Homecoming for a Man of the People By Adegboyega Ajadi
  • Military Kill Over 30 Terrorists in Borno, Adamawa
  • Troops Eliminate Terrorists, Recover Weapons in Taraba
  • Troops Neutralize Two Notorious Bandits in Katsina Forest
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Nigeria Customs Aligns with Finance Ministry over 4% FOB Policy ReviewEngr. Kawu: A Heroic Homecoming for a Man of the People By Adegboyega AjadiMilitary Kill Over 30 Terrorists in Borno, AdamawaTroops Eliminate Terrorists, Recover Weapons in TarabaTroops Neutralize Two Notorious Bandits in Katsina ForestTroops Neutralise Five Terrorists in Borno, Taraba OperationsFinally, DSS Files Charge Against Sowore, Twitter, and Facebook over Anti-Tinubu PostFederal Govt Moves to Fill 5 Permanent Secretary PositionsGombe Tech Training: Pantami’s Call for a Paradigm Shift By Muhd El-Bonga IbraheemTroops Eliminate 2 ISWAP Senior Commanders, Other Terrorists in BornoDangote Refinery Deploys 4,000 CNG Trucks, Promises 24,000 Jobs as Fuel Queues EndPower Outage: Police Broker Peace Between AKTH, DisCos in KanoIGP Appoints SP Adebisi as Lagos Police PROBauchi Forum Condemns ATBU's Plan to Close FacultiesCourt Rejects Nnamdi Kanu’s Request for Transfer to National Hospital
X whatsapp