Why we intervened in Etisalat Nigeria crisis- NCC

According to reports from Nigerian Communication Week, The Nigerian Communications Commission (NCC) has revealed why it decided to intervene in the Etisalat Nigeria (now 9Mobile) crisis. The commission said they took the interest of investors, subscribers and employees of Etisalat into consideration, as well as Central Bank of Nigeria (CBN) requirements, in order to resolve the issues between Etisalat Nigeria and its creditors- a consortium of 13 banks.

Prof. Umar Garba Danbatta, executive vice chairman (EVC) and Chief Executive of NCC, outlined these reasons to Mr. Boye Olusanya, chief executive of 9Mobile, and Mr Ibrahim Dikko, vice-president, (Regulatory Affairs) in his office in Abuja.

According to Sun News Online, Danbatta said that “the $2B Foreign Direct Investment (FDI) by Mubadala of United Arab Emirates (UAE) was hanging, while 20million Subscribers and over 2000 workers would have been affected if we did not intervene in the matter with a view to finding an amicable resolution”

Danbatta also revealed that resolving the issue was also partly to forestall any form of disincentive to FDI. He highlighted the social impact of over 2000 Nigerians potentially losing their jobs if the company had gone under and how such a situation was capable of creating security challenges for the country.

Prof. Danbatta further stated that NCC collaborated with CBN to avert a looming economic disaster adding “we want to see a viable and thriving 9Mobile and we want to cooperate with you so that things can move seamlessly and be successful,” while further assuring the 9mobile team of the Commission’s cooperation to grow its network.

Staff Writer