Etisalat and its creditors have successfully reached an amicable resolution on key issues pertaining to the telco’s indebtedness, a statement issued by the Nigerian Communications Commission, NCC, has said, adding that a smooth transitional process is currently ongoing on mutually agreed terms between the parties.

NCC has been in the thick of negotiations between the banks and Etisalat.  The latest truce has reportedly been well-received among the Etisalat shareholders who had hoped for a speedy resolution of the impasse before it starts affecting the fortunes of the telco.

The statement signed by Mr. Tony Ojobo, spokesman for the Commission read:

Following our Press Release of June 20, 2017 on the above, and in response to stakeholder enquiries regarding the current position on Etisalat Nigeria, the Nigerian Communications Commission (NCC) wishes to state as follows:

The Commission is pleased to note that Etisalat and its creditors have 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.

The Commission is confident that the amicable resolutions reached by the parties 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.

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.