The Commission release a press statement through its Facebook timeline on Tuesday, 20th June 2017 to address the rumored matters between the company (Etisalat) and the banks.
The Commission in its press release assured subscribers in the network of their safety and benefits noting that the commission is aware of the indebtedness of Etisalat to the consortium of banks.
The Statement reads:
"PRESS RELEASE
"NCC assures subscribers of Network integrity of Etisalat.
"The attention of the commission has been drawn to a planned takeover of Etisalat by a consortium of banks.
"As a result of this planned action the commission wishes to state as fellows.
- The Commission is aware of the indebtedness of Etisalat to the consortium of banks;
- In conjunction with the central bank of Nigeria(CBN), it mediated in holding several meetings with the banks, Etisalat and other stakeholders with a view to finding a resolution;
- Regrettably these meetings did not yield the desired results.
- The NCC wishes to reassure the over 21 million Etisalat subscribers that it will do all within its regulatory power to ensure that Etisalat subscribers continue to enjoy the services provided by the operator.
"The Commission has taken proactive steps to cushion the impact of the takeover, this is prejudice to the ongoing efforts between Etisalat and the banks toward negotiated settlement.
"In view of the recent development, NCC wishes to reassure all stakeholders in the telecommunication sector in particular the subscribers on the Etisalat network that the Commission will ensure that the integrity of Etisalat is not compromised.
"Accordingly, the commission has drawn the attention of the banks to provisions of the Nigerian Communication Act (NCA) 2003 section 38;
Sub section 1 - the grant of a license shall be personal to the licensee and the license shall not be operated by, assigned, sub licensed or transferred to another party unless the prior written approval of the commission has been granted.
"Sub section 2 - A license shall by all times comply by the terms and condition of the license and the provision of this Act of its subsidiary legislation.
"Whilst the banks and Etisalat are working at resolving the issues, the commission wishes to assure subscribers that they will continue to enjoy the services provided by Etisalat.
"Signed
Tony Ojobo
Director, public affairs, NCC.
Tuesday, June 20, 2017.
