CBN Explains Why It Saved Etisalat

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, said on Tuesday that Etisalat, one of the biggest telecommunication companies in Nigeria, remains strong with a solid revenue base.

Emefiele stated this while fielding questions from journalists at the end of the Monetary Policy Committee (MPC) meeting of the CBN in Abuja.

According to him, the Nigeria Communications Commission (NCC), supported by the CBN intervened in the company dispute with some banks because of its huge contribution to the nation’s economy.

“Etisalat employs more than 4,000 workers, with about 20 million subscribers nationwide,’’ Emefiele said.

The CBN governor said the apex bank and NCC would not allow the company to go down because of the negative impact on jobs, which was capable of impacting on the economy.

“The intervention by some potential investors is temporal, it should not last more than 90 to180 days.

“I am gratified that potential investors are taking part,’’ Emefiele said.