Monday, 26 June 2017

Etisalat Crisis: Over 4,000 People May Go Jobless

The present $1.2 billion debt crisis of Etisalat Nigeria with banks may render Over 4,000 people jobless. This has attract the attention of Central Bank of Nigeria (CBN) and the Nigeria Communications Commission (NCC) for immediate intervention.

In an announcement on Friday, the CBN said, the move is important to prevent job losses and asset stripping. Specialists say, if Etisalat is grounded, the effect on the telecoms business and the economy will be huge.
Etisalat Crisis: Over 4,000 People May Go Jobless

A consortium of 13 Nigerian Banks had a syndicated credit of about $1.2 billion to Etisalat, the obligation the telecom firm hasn't possessed the capacity to totally liquidate in accordance with concurred terms of the facility. It depended on the attempt of the banks to move in to take control over the organization that the financial and telecommunications controllers have moved in to intervene and forestall down-sizing and asset stripping.

The CBN Spokesman, Isaac Okorafor stated: "In spite of the fact that it should ordinarily not be the part of a regulator to choose how individual bad loans are settled, the CBN trusts that Etisalat is a systemically important telecommunications organization with more than 20 million subscribers that if not very much took care of, may have domino effects on the banking system itself.”

He additionally clarified in the stamen that the CBN and NCC, detecting that banks may proceed in the standard way and scale back the organization's more than 4,000 staff, reached an agreement to intervene and implore the consortium of banks to be reassess its position in dealing with Etisalat.


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