Mass Job looms as Nigerian stakeholders agree on win-win restructuring plan for Etisalat

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Stakeholders in the Etisalat Nigeria may have agreed on a win-win restructuring plan for the telecommunication firm, Naija247news understands

A credible source within the company said the plan would involve a marriage of representatives of the consortium of 13 banks, Nigerian stakeholders, the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC).

Explaining the likely composition, the source said: “We are grateful to all those who have mediated to the point we are in now where we have come to an amicable resolution in the interest of all parties. It is a win-win arrangement; a symbiotic exercise at that. All the stakeholders have agreed that the Consortium of the 13 banks would have four representatives on a 7-member interim board; two representatives will come from the Nigerian stakeholders and one will represent the CBN/NCC. The essence of this arrangement is to ensure that all the parties have a stake in the business.”

The resolution which has elicited complementary remarks from analysts, may have stemmed the tide of likely loss of numerous jobs which was one of the concerns of many stakeholders when the story broke.

Etisalat Nigeria ran into trouble with the Consortium of 13 Banks that staked $1.2billion to fund its expansion project in 2013.

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