CBN, NCC to intervene in banks’, Etisalat’s $1.7 billion loan case

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The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have agreed to intervene in the loan issue between Etisalat Nigeria and a consortium of commercial banks.

This resolution is coming on the heels of a planned takeover of the telecoms’ firm after it failed to repay the $1.7 billion medium term syndicated loan facility it got from 13 Nigerian banks in 2013.

The Executive Vice Chairman of NCC, Prof. Umaru Danbatta, the CBN Governor, Godwin Emefiele and teams from both agencies, met in Abuja yesterday where the apex bank agreed to intervene in the matter.


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