Reps to probe collapse of Etisalat Nigeria, say change to 9 mobile illegal

The House of Representatives will be probing the collapse of Etisalat Network so as to protect Nigerian subscribers’ interest. The investigation will be done by its Committee on Telecommunications.
This was sequel to a motion by Saheed Akinade-Fijabi APC Rep from Oyo State on Thursday in Abuja.
Moving the motion, Akinade-Fijabi expressed worry that the inability of the Etisalat to meet its debt servicing obligations with 13 banks, forced its foreign shareholders out of the firm.
Akinade-Fijabi explained that the take-over was against the letters and spirit of the Nigerian Communications Act.
“The take-over of Etisalat which was renamed 9mobile by the banks is a clear violation of section 38(1) of the Nigerian Communications Act 2003.
“The Act provides that the grant of a licence shall be personal to the licensee and the licence shall not be operated by, assigned, sub-licensed or transferred to any other party.
“The Act further states that the licence could only be transferred if there is prior written approval by the community.’’
According to the the lawmaker, Etisalat Nigeria paid almost half of the initial loan amounting to about N504 million dollars.
The company was formerly owned by the Emirates Telecommunications Group Company with 40 per cent shares, Mubadala Development Company, Abu Dhabi, with 45 per cent shares and EMTS Holding BV has 15 per cent shares in the investment.
The motion was unanimously adopted by members when it was put to a voice vote by the Deputy Speaker, Yussuff Lasun.

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