This is a rare collaboration. The Central Bank of Nigeria, CBN, and Nigerian Communications Commission, NCC, have thrown their weight behind Etisalat, one of the telecoms companies, which has been mired in a $1.72 billion (about N541.8 billion) debt crisis.
Tony Ojobo, NCC’s spokesperson, said in a statement released today that both NCC and CBN were concerned about the fate of the over 19 million subscribers of the mobile company and the signals a takeover of Etisalat would send to potential and existing investors in the telecom sector.
Umar Danbatta, Executive Vice Chairman of NCC, and Godwin Emefiele, the CBN governor, after a meeting on Thursday, announced their resolve to intervene in the loan crisis. The meeting centered on how to prevent the takeover of the fourth largest mobile company in Nigeria.