Etisalat’s biggest shareholder, Mubadala, has pulled out of the company following its inability to successfully resolve its raging war with a consortium of banks over a $1.2 billion debt.
The development was revealed in a statement by the Central Bank of Nigeria on Friday. It said the banking sector had decided to wade in to avoid the impending job losses. It stated that the Nigerian Communications Commission was also concerned about the crisis as it could mean over 20 million subscribers of the company could be lost. The apex bank’s spokesman, Isaac Okarafor, said the crisis could also affect banks in the country.
He said the CBN and NCC will meet with the banks, tower managers, equipment suppliers and the HIS to achieve a ‘win-win outcome’ for all stakeholders.