Why NCC Intervened In Etisalat Debt Issue

The Nigerian Communications Commission says resolving the Etisalat debt issue is an incentive to attract the $2bn Foreign Direct Investment expected from Mubadala of United Arab Emirates.

The Executive Vice Chairman of NCC, Prof. Umar Danbatta, in a statement said jobs of over 2,000 Nigerians on the line had the company folded.

He was speaking when he received Mr Boye Olusanya, the Chief Executive and the Vice-President, Regulatory Affairs, Mr an Ibrahim Dikko of 9Mobile in his office in Abuja.

“Resolving the issue was partly to forestall any form of disincentive to the FDI from UAE hanging,’’ he said.

He said that if the company had gone under, this would have created a social problem, especially with the job of over 2,000 Nigerians on the line.

“About 20 million subscribers would have been affected if we did not intervene in the matter with a view to finding an amicable resolution,” he said.

He said that it took the interest of investors, subscribers and employees of Etisalat, now 9Mobile, into consideration before intervening in its crisis.

“We consider the interest of stakeholders of Etisalat (now 9Mobile) before we resolved to align with the CBN to resolve the issue along with the consortium of 13 banks.

Danbatta said that NCC collaborated with CBN to avert a looming economic disaster.

“We, therefore, want to see a viable and thriving 9Mobile and we want to cooperate with you so that things can move seamlessly and be successful.”

NAN

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