9mobile: NCC orders checks on other telecom operators to avoid Etisalat fate

The NCC had stated that if 9mobile were to have gone under, jobs of over 2000 Nigerians would have been lost.

The Nigerian Communication Commission has ordered financial audits of the present telecom companies in Nigeria.

This is to avoid a similar repeat of the unfortunate situation that befell Etisalat Nigeria, where the company could not pay back a reported sum of $1.2b owed.

Etisalat Nigeria was unable to re-pay back debt of $1.2b causing company to bow out from Nigerian market.

 

The defunct company would eventually rebrand as 9mobile terminating its management agreement with its Nigerian unit and handing over its 45 per cent stake in Etisalat Nigeria to a trustee.

In a statement issued in July the NCC said if 9mobile had gone under it would have “created a social problem especially with the job of over 2,000 Nigerians on the line”.

The commission added that the loss of the operator could even create security challenges for the country. Umar Garba Danbatta, executive vice chairman, NCC said at the time the regulator wants to “avert a looming economic disaster and see a viable and thriving 9mobile.”

Sanctions are being considered as the regulator seeks to ensure operators’ financial books are up to date, their networks meet required benchmarks, and they are fit to apply for loans for network expansion.

SOURCE - PULSE.NG posted by Campus94