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Etisalat Loan Issue: CBN, NCC To Intervene …Network Firm Dispels Banks Takeover Rumour

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The Nigeria Communication Commission (NCC) yesterday said the Commission and Central Bank of Nigeria (CBN) had moved to intervene in the Etisalat loan issue.
The Director of Public Affairs of NCC, Mr Tony Ojobo said this in a statement issued in Abuja.
“After a meeting yesterday afternoon in Abuja between the Executive Vice Chairman of  NCC, Prof. Umar Danbatta and the CBN Governor,  Mr Godwin Emefiele and his team, a decision was reached to intervene in the loan issue between Etisalat Nigeria and a consortium of commercial banks.
“The meeting which was held at the CBN in Abuja was convened by the financial regulator at the instance of NCC and the telecom regulator to further deliberate on how best to stop the attempt by the banks to take over Etisalat.
“At the end of the meeting, the CBN agreed to invite Etisalat management and the banks to a meeting tomorrow, Friday, toward finding an amicable resolution,’’ he said.
Ojobo said that the NCC as a regulator of the telecom industry had moved quickly to intervene earlier in the week by reaching out to the CBN because it was convinced of the negative impact such takeover move would have on the industry.
He added that NCC was worried about the fate of the over 20 million Etisalat subscribers and the wrong signals this might send to potential investors in the Telecom industry.
It was reported that on March 8, Etisalat was had been taken over by three banks because of its N541.8 billion debt.
However, our correspondent who spoke with the Head of Public Relations, Etisalat Nigeria, Ms Oluseyi Osuntedo, dispelled the talk that banks had taken over the company.
Osuntedo told newsmen in Lagos that discussions were still ongoing between the banks and the company.
“Discussions are going on; nobody is taking up the company.
“It is not true that we are being picketed, whoever gave the information is not telling the truth,” she said.
A consortium of some foreign and Nigerian banks, including Guaranty Trust Bank, Access Bank and Zenith Bank, have been having a running battle with the mobile telephone operator, over a loan facility totalling 1.72 billion dollars (about N541.8 billion) obtained in 2015.
The banks said their attempt to recover the loan by all means, was fuelled by the pressure from the Asset Management Company of Nigeria (AMCON), demanding immediate cut down on the rate of their non-performing loans.
NCC appears not to be favourably disposed to the takeover proposal as it believed that Etisalat is not only a viable going concern, but also willing and able to negotiate the servicing of its loans.
Etisalat is Nigeria’s fourth largest telecoms operator with about 21 million subscribers as at January 2017, according to the NCC.
Meanwhile, the Head of Public Relations, Etisalat Nigeria, Ms Oluseyi Osuntedo, yesterday dispelled the rumour that banks had taken over the company.
Osuntedo told newsmen in Lagos that talks were still ongoing between the banks and the company.
She said that the company was not being picketed as rumoured by some people, adding that whoever was giving the information was not telling the truth.
“Discussions are going on; nobody is taking up the company.
“It is not true that we are being picketed, whoever gave the information is not telling the truth,” she said.
Our correspondent who visited the company’s Head Office at Banana Island also confirmed that the scenario at the office was calm and business going on as usual.
Reports that Etisalat on March 8 was reported to have been taken over by three banks because of their alleged N541.8 billion debt.
Despite the intervention of the Nigerian Communications Commission (NCC) to broker a peaceful resolution between Etisalat Nigeria and a consortium of banks, it appears the effort may not have yielded a truce.
It said that the consortium of some foreign and Nigerian banks, including Guaranty Trust Bank, Access Bank and Zenith Bank, have been having a running battle with the mobile telephone operator, over a loan facility totalling $1.72 billion (about N541.8 billion) obtained in 2015.
Our correspondent reports that the loan, which involved a foreign-backed guaranty bond, was for Etisalat to finance a major network rehabilitation and the expansion of its operational base in Nigeria.
However, Etisalat failed to meet its debt servicing schedule, agreed since 2016, for which they were reported to the banking sector regulator, the Central Bank of Nigeria, and its communications sector counterpart, the NCC.
Etisalat was said to have blamed its inability to fulfil its obligation to the banks on the current economic recession in Nigeria.
The banks said their attempt to recover the loan by all means, was fuelled by the pressure from the Asset Management Company of Nigeria (AMCON), demanding an immediate cut down on the rate of their non-performing loans.

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Fubara Seeks Full Resolution Of Bille Gas Leakage …Pledges Upgrade Of Community  Health Centre

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Rivers State Governor, Sir Siminalayi Fubara, has demanded quick and full resolution to the challenges arising from the gas leakage that occurred in Bille, Degema Local Government Area  of the State.

The governor has also pledged to upgrade the Primary Healthcare  Centre (PHC) in Bille with a view to addressing the  health challenges confronting  the community.

Fubara made the pledge on Wednesday at the Government House, Port Harcourt during an enlarged meeting of key stakeholders, comprising representatives of the Federal Government, the state government  and leaders of the community.

The meeting was held to review the situation in the community and explore available opportunities to save the people from the adverse impacts of environmental pollution.

Addressing the journalists at the end of the meeting, the governor acknowledged the determination of the Federal Government and its agencies to get to the root cause of the problem in Bille and  ensure that it is resolved permanently.

“The meeting is in respect of the situation in Bille. You’re aware that there is a case of gas leakage somewhere in Bille and the people have been making some requests that the government should come to their rescue to resolve the situation.

“As a state, we have gone to see the situation in the community, not alone but in conjunction with the industry operators and officials of  the Federal Ministry of Petroleum Resources. What we are doing today is an enlarged meeting where all the parties are sitting together to look at the cause of the issue and the most possible way to get the problem resolved,” he said.

Fubara described the outcome of the meeting as successful, stressing that more action would be taken in the next couple of weeks to ensure that the issue is fully resolved.

The Minister of State, Petroleum Resources (Gas), Hon Ekperikpe Ekpo, who led the Federal Government’s delegation to the meeting, expressed appreciation to the governor for his warm hospitality and efforts to address the challenge in Bille community.

Ekpo explained that contrary to the perception in certain quarters, the Federal Government has not been silent over the “gas seepage” but has been working tirelessly towards finding a sustainable solution.

The minister explained that as soon as the incident was reported, the Federal Government deployed experts to the area to understudy the cause of the problem.

According to him, it was difficult at first to understand the cause of the problem since there were no oil or gas infrastructure within the vicinity of the incident, hence the need to conduct a more detailed investigation.

“The investigation is still going but we decided to do a follow-up visit to the area to talk to the people of Bille Community that we need collaboration on their part so that we would be able to arrive at a lasting solution.

“The safety of the people is paramount. We can understand their anxiety,  the worry and the danger that this thing poses within the area, but the Federal Government is committed to  finding a lasting solution to the problem. The primary responsibility of government is to take care of the welfare and security of the people and that is exactly why we are here to go and see things for ourselves,” he said.

The Chief Executive Officer (CEO), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan, also explained that as  the regulatory agency  at the centre of the issue, no effort will be spared in the task of resolving the issue.

Eyesan pledged that the NUPRC and operators in the industry were prepared to address the requests of the impacted  people in terms of the provision of potable water and fire trucks  to  the community.

The Public Relations Officer, Council of Chiefs, Bille Kingdom, Chief Rena Dappa, had during the meeting, presented the  challenges facing the community and pleaded for government’s support to save the lives and livelihoods of the people.

 

 

 

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Tinubu Unveils Training Programme For 5,000 Metre Installers

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President Bola Tinubu has announced the launch of a training programme for 5,000 young Nigerians as meter installers and technicians under the Presidential Metering Initiative.

The President stated that the scheme is aimed at creating jobs, closing the country’s metering gap and improving electricity supply.

The President disclosed this in a statement on his verified X handle yesterday, describing the initiative, tagged “The Power Force,” as part of his administration’s Renewed Hope Agenda to expand employment opportunities for young people.

According to Tinubu, the programme will equip participants with practical technical skills and connect them to employment opportunities in Nigeria’s power sector.

“Through the Presidential Metering Initiative (PMI), which I established to close Nigeria’s metering gap, end estimated billing, protect consumers and strengthen the electricity market, we are opening a new pathway for 5,000 young Nigerians to be trained as meter installers and technicians under The Power Force. This programme is about jobs, skills and dignity,” he said.

Tinubu said the training would be open to eligible Nigerians who have completed their secondary school education, with a dedicated quota reserved for members of the National Youth Service Corps.

He noted that expanding electricity metering was critical to improving service delivery and promoting transparency in the power sector.

“When homes and businesses are properly metered, Nigerians can pay for what they actually use. When electricity distribution companies collect revenues more transparently and fairly, they are better able to reduce losses, maintain infrastructure, expand connections and invest in better service.

“This is how we build a power sector that is fairer to consumers, stronger for investors and better able to deliver reliable electricity to the Nigerian people,” the President said.

Tinubu said he had directed the Presidential Metering Initiative to work with the Federal Ministry of Youth Development, the National Power Training Institute of Nigeria, and other relevant stakeholders to commence the programme within the next 30 days.

He encouraged qualified young Nigerians to apply, saying the initiative would provide them with marketable skills while supporting efforts to eliminate estimated billing and improve electricity access nationwide.

“I encourage eligible young Nigerians to apply. Join The Power Force. Learn a skill. Earn with dignity. Help us end estimated billing and be part of the work to light up Nigeria,” he added.

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Xenophobia: Third Evacuation Flight From S’Africa Arrives Today -FG

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The Federal Government has announced that the third evacuation flight for Nigerians voluntarily returning from South Africa will arrive Lagos today having departed Johannesburg at midnight yesterday with 271 returnees on board.

The Ministry of Foreign Affairs disclosed this in a statement issued yesterday by its spokesperson, Mr Kimiebi Imomotimi Ebienfa.

According to the ministry, the Air Peace-operated flight is expected to arrive at the Murtala Muhammed International Airport, Lagos, at about 5:30 a.m. on Friday, July 3, 2026.

It said the evacuation is part of the Federal Government’s ongoing efforts to facilitate the voluntary return of Nigerians from South Africa.

“The third evacuation flight operated by Air Peace will depart Johannesburg today by 12 midnight with 271 returnees. The estimated time of arrival in Lagos is 5:30 a.m. on Friday, July 3, 2026,” the statement read.

The latest batch of returnees follows earlier evacuation flights that brought hundreds of Nigerians back to the country under the Federal Government’s voluntary repatriation programme.

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