Nigerian Senate probes Etisalat over $1.2bn credit

The Senate on Tuesday commanded four of its standing boards of trustees to research the administration and usage of the $1.2billion advance office got from 13 Nigerian banks by the Etisalat Nigeria, now 9moblie.

This was trailed by a movement by Senator Solomon Olamilekan (APC Lagos) on the dire requirement for the senate to swim into the Etisalat obligation emergency.

The four boards of trustees are Banking, Communications, Capital Market and National Security and Intelligence.

The Senate additionally requested that the joint board of trustees make suggestions on ways the Nigeria monetary administration structure can be reinforced by enactments to keep any future comparable event.

It additionally approached the important monetary knowledge organizations of the Federal Government to test the administration of Etisalat Nigeria and consider the defaulting parties responsible for their activities.

Olamilekan in his movement noticed that Etisalat proprietorship contains three investors, the United Arab Emirates Sovereign Wealth Fund through Mubadala Development Comp Abu Dhabi (45%), Emirates Telecommunications Group Company (40%) and Myacinth (15%) through Emerging Markets Telecommunications Services.

In his comment, the Senate president, Bukola Saraki entrusted the boards of trustees to do an exhaustive work and report back to entire as quickly as time permits.