Etisalat Takeover: Nigerian Regulators step in to Save Company from collapse

Nigeria’s central bank and its telecoms regulator (NCC) have intervened to save the country’s fourth largest telecoms firm Etisalat from collapse after talks with lenders to renegotiate a $1.2 billion loan failed, a regulatory source told Reuters.

The source said the parent firm, Abu Dhabi’s Etisalat has indicated it may pull out of Nigeria following the debt crisis but has not made a decision on the use of its brand in the country.

Chief Executive Matthew Wilsher has resigned.

The telecoms regulator said on Tuesday that the company firm had reached an agreement with lenders.

The source said that while the central bank had provided assurances to the lenders involved it had not invested any funds.

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