Etisalat, the telecom giant of the United Arab Emirates (UAE), has reached an amicable resolution of key issues pertaining to the 1.2 billion U.S. dollars indebtedness with its creditors, the Nigerian government said Tuesday.
A smooth transitional process was currently ongoing on mutually agreed terms, Tony Ojobo, a spokesperson for the Nigerian Communications Commission (NCC), the sector’s regulatory body, said in Lagos, the nation’s economic hub.
The amicable resolution would allay the fears of stakeholders on inquiries regarding the current position on Etisalat Nigeria, the spokesperson added.
The NCC was confident that the amicable resolutions reached by the parties would further strengthen Etisalat’s capacity to continue to provide services to its over 20 million customers, Ojobo said.
According to him, the resolutions will help Etisalat fulfill its obligations to its other stakeholders as a fast growing business concern.
Ojobo said the NCC was mindful of the need to sustain the industry’s significant contribution to the national GDP, employment and infrastructure roll-out at all times.
He said the commission’s intervention in the debt matter was informed by these considerations and was pleased about the success of the ongoing process.
Etisalat said the consortium of lenders working with the NCC and the apex bank were committed to the ongoing efforts to restructure the company.
The management said the restructuring was toward a path of long-term success of the business.
According to Etisalat, the appointment of a seasoned board of directors and top management is a testament to the long term success.
Etisalat is Nigeria’s fourth largest telecommunications operator with about 21 million subscribers as at January 2017. Enditem
Source: Xinhua/NewsGhana.com.gh
