₦airaland Forum

The surplus supply of dollars has again jolted speculators and caused a further increase in value of the Naira. The question is, is has Naira really appreciated in value? The foreign exchange market closed on Friday without selling off all the foreign currency released by the Central Bank of Nigeria (CBN).

Fresh 100 million dollars was released at the interbank market to meet customers’ demands, but the dealers were only able to pick about 81.35 million dollars, leaving surplus. Mr Isaac Okorafor, the Acting Director, Corporate Communications, CBN, attributed the inability of authorised dealers to pick up the entire offer of the CBN to increasing dollar supply.

In a statement, he said another reason was the current sense of apprehension among dealers who anticipate a further crash in the rate of the dollar. He reiterated the determination of the Bank to sustain its current interventions in the market. “Those who doubt the capacity of the Bank to sustain the intervention in the FOREX market are beginning to have a change of mind,” he said.

The Naira has continued to sustain its ride against major currencies, especially the United States dollar, since CBN consistently pumped in more dollars. The dollar exchanged at about N380 in Abuja, and N385 to N390 in Lagos. At the Bureau De Change (BDC) window, the Naira was sold at N399 to the dollar, while the pound sterling and the Euro were sold at N500 and N400.

The Nigerian currency appreciated at the interbank market, closing at N307 to the dollar. Traders believe that the continued intervention by the CBN have triggered further apprehension among speculators, who anticipate further losses given the continued crash of the dollar. Some BDCs in Abuja stopped selling dollar due to the current price in order to curtail further losses, but they were opened to customers willing to sell at N370 to a dollar.

An Abuja-based BDC operator, said besides the dollar sales by the CBN, steady supply have been coming in from individuals who had once hoarded the currency for whatever purpose. The President of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, said that appreciation of the Naira, especially in Abuja though good, was causing panic among BDCs.

He said this was because the CBN presently sells dollars to BDCs at N381 per dollar, and expects them to sell to the public at N399 per dollar. Gwadabe called attention to the sharp difference between the Lagos and Abuja parallel market exchange rates. He said the Abuja market was smaller in terms of demand, being dominated by civil servants, while Lagos has higher demand as it service most private businesses in the country.

Experts are of the opinion that the dollar may likely sell even lower than N380 during the weekend as the future looks dim for the rise of the currency.

Question is, is it a bad move to end recession? Is it sustainable?


more @ http://www.exlinklodge.com/2017/03/surplus-dollars-hit-nigeria-market-is.html

cc lalasticlala missyb3

An Appeal Court sitting in Akure, Ondo State on Friday nullified the impeachment of the former deputy governor of the state, Alhaji Ali Olanusi. Olanusi was the deputy governor of the immediate former governor of the state, Dr. Olusegun Mimiko.

He was impeached by the Ondo State House of Assembly in 2015 for alleged gross misconduct, before which he had joined the All Progressives Congress shortly before the presidential election in 2015.

The 79-page judgement by Justice Muhammed Danjuma was delivered at about 5pm on Friday. The court held that the impeachment of Olanusi was not in accordance with the provisions of the 1999 Constitution and was not given a fair hearing.

He ordered that all privileges and entitlements due to the former deputy governor from the time of his removal from office till 24 February this year, when his tenure was supposed to expire should be restored in full.

more @ http://www.exlinklodge.com/2017/03/appeal-court-invalidates-impeachment-of.html

cc mynd44 lalasticlala missyb3 dominique

ok

Cutehector:
Ike gwuru..




There will be a time when attempting suicide will be a crime..

even now, suicide is a crime in Nigeria.

Are u then going to charge someone whose problems pushed to commit suicide?

Why must Oba of Lagos be very controversial every time and always aligning to a political party without reservation. Can someone tell him he is the Oba of Lagos and as such should foster togetherness and offer everybody equal opportunity. At least if he doesn't believe in equal opportunity, he should appear to foster it. Overtly displaying his lack of understanding in Machiavellian political adventures is absurd.

Oba of Lagos, Rilwan Akiolu, has advised anyone hoping to be Governor of the State, not to contest against the incumbent Governor, Akinwumi Ambode, in the 2019 election. He stated this on Thursday at the 21st convocation of Lagos State University (LASU). He declared that Ambode and his deputy Oluranti Adebule, will govern Lagos for the next six years.

He warned that anyone who decided to campaign, would only be wasting money. “Few days ago, one of the aspirants greeted me. After greeting, he alleged that I halted his ambition. No one should come out in 2019 and declare his ambition,” he said.

“The only way to avoid not wasting their money is to support Ambode and his deputy to rule Lagos for the next six years. That was why about nine months to the 2015 governorship election, I said Ambode would be the next governor whether they vote or not.

“But all of them doubted me. I often pray before and after leaving the bed. That is one of few things I learnt from the late father of Prof. Peter Oke-Bukola, who served as my cadet officer then. Even though he was much older than I am, he was very humble.

“The prayer has helped me a lot. The state of Nigeria indicates the type of police it gets. As a police officer, I served for 32 years. That is why I can confidently say I never collected money from anyone before performing my duties as a law enforcement officer”, he said.


more @ http://www.exlinklodge.com/2017/03/oba-okiolu-of-lagos-warns-other.html

cc lalasticlala dominique

why is it that rubbish post makes front page


while better ones don't?

See The 18yrs Old Nigerian Teen, David Adegbite Killed By Unknown Gunmen In London

David Adegbite, a teen Nigerians, 18 years of age has been shot dead by a gang at a car park in Barking, East London. Reports say he was ambushed and shot in the head while visiting friends at St Ann’s estate, where he formerly lived.

According to his friends, Adegbite was “in the wrong place at the wrong time.” “He was such a smart guy, really clever and good at math. He was due to start university. “He was no gangster or drug dealer; he was a good family guy. He always talked about how much he loved his mother and wanted to make her proud.

“He was popular with everyone. I just can’t believe there are people out there in London with guns, you expect it in America but not here,” an 18-year-old, who gave her name as Mary, told the UK Evening Standard.

UK authorities arrested two 20-year-olds in connection with David’s death. One was released on bail pending further enquiries while the second remained in police custody. Before his death, Adegbite had dreamed of studying at Middlesex University in the United Kingdom.

May God never allow you to be at the right place at the wrong time.

more @ http://www.exlinklodge.com/2017/03/see-18yrs-old-nigerian-teen-david.html

cc mynd44 missyb3 obinoscopy dominique lalasticlala

The rejection of Acting Chairman of EFCC has been generating a lot of controversy since last week Wednesday and the ripples are yet to calm down. Charly Boy is not the latest celebrity to pen an interesting piece on the ongoing saga playing out in Nigerias hollowed chambers (NASS).

Recall that BringBackOurGirl founder, Oby Ezekwesili reacted to the incident with series of tweets via her tweeter handle and one of her write up reads "The mayhem playing out in Nigeria Senate is an international embarrassment".

According to Charly Boy:

Lately I have been thinking and visualising all the jagbajantis going on in the legislative branch of our government and Na vex just dey worry me. See as some people dey prance around like dem be Kingcon, I just dey sorry for us. Shey una dey follow the twin issues of EFCC’s Ibrahim Magu and Col. Hameed Ali (Rtd). Una see the drama?

These Sinators abi na Legislooters do not even understand why they are supposed to be the closest politicians to the people and if Integrity is the yardstick, which of the sinators is capable of standing in that chamber when most of them deal in deceit and sustained inhumanity to the average Nigerian. The audacious impunity of these supposedly honourable lawmakers is one of the failings of politics in Nigeria.
If the senate rejected Magu because of the two controversial letters or the report from the DSS and they have the right to this; what was the reason for the second rejection? Watching the whole process of dramatized insanity by Sinators; you would actually believe there was a new DSS report. Unending drama.
There was none and the DSS simply referenced the old report that the President directed the Attorney General of the Federation to Investigate, and Ibrahim Magu was given the opportunity of a fair hearing to defend himself and he did. When the President re-submitted Ibrahim Magu’s name, he referenced not only the letter of rejection from the Senate but noted that the Issues raised had been investigated and the AGF had given the all Clear. So what was the Dramatization all about? Make I no lie, most of these sinators are petty and mindlessly incapable of providing legislative leadership.

Sinators using integrity as the yardstick for rejecting Magu is not only laughable, but it is deceptive and hypocritical. Most of these yeye sinators have failed as governors, businessmen and women, ministers, commissioners and politicians. But because of corruption, they have always managed to keep themselves in the corridors of power as they continue to loot and chop. Weytin else dey rain for them? They have cases of corruption trailing them like flies on shit. In my books, they represent the worse of the Nigerian humanity and typifies the crazy insanity that has become dishonourable members.
Most of these senators who have no sense of Nationalism will do anything to destroy the country and they have not even started but we the people must be prepared to stop them. The only force capable of defeating and running these yeye senators out of town is the force and energy of the frustrated, hopeless and vexed Nigerians, because me I just tire for most of these riffraffs.

I Support #OCCUPYNASS but are Nigerians Ready?

The case with Col. Hameed Ali is just a bit childish for me. Na weytin Sef? What has wearing of uniform got to do with the job of the Comptroller General of Customs? Could it be that our sinators are so bored with no work, no free cash, no padded budgets? Or maybe their market don knock since nobody is ready to lobby them with cash so they pick unnecessary battles with a president who won't lobby with cash. So, for revenge, they pick unnecessary fight with his finest.
Both Hameed Ali and Ibrahim Magu seem to be doing well in the EFCC and Customs that the sinators probably are afraid that the evil that Politicians do will live with them today. Why are the Senators afraid? Politicians do not want to face the consequences of their actions and they do not want Government to Work for the People and I can't say that I am surprised.

#OurMumuDonDo; All whistle blowers, wipp out your whistles, its time to make some noise. If the people will not rise up and fight Injustice; they will never be served properly by politicians. I am ready to fight. I am ready to #OccupyNass; I am Ready to hold the Line and get Nigerians to hold Senators accountable.

My fear is not death; My fear is not the bullet that will silence me; It is the inability of the suffering docile Nigerian to wake up from their mental slavery, It is the inability of the Nigerian people to fight for their rights; It is the Insanity of the evil demonic politicians who offer nothing to the average Nigerian but use them as Political pawns that I am afraid of.
Una Mumu never Do?

We MUST begin to mobilize for the good of this country; or else most Nigerians go chop sand sand before this year end. So join us at www.ourmumudondo.org as we lead the Revolution of the willing. The Senate is not a friend of the people; they are our enemies; Politicians are not friends they are our enemies and the fight against the evil in our country that have bastardized our Humanity must be fought with dedication, determination and desire to see real change.

I Support #OccupyNass because #OurMumuDonDo !!!


http://www.exlinklodge.com/2017/03/ibrahim-magus-rejection-i-just-dey-vex.html

Following what can be called the final rejection of Economic and Financial Crime Commission Acting Chairman, Ibrahim Magu which was mainly championed by Senator Dino Melaye, A reliable source has informed Sen. Melaye that EFCC is coming for him sooner than later.

In regards to that information, Sen. Dino via his twitter handle have accepted the challenge and he also used that medium to inform the commission that he is ready for what ever they intent to cook up against him.

But to be honest and blunt, whoever wrote Nigerias constitution didn't write to make Nigeria prosperous. Nigeria constitution as it stands today is a faulty. How can majority of people who are suppose to confirm an anti-corruption head (Magu) as chairman are being investigated for one looting or fraud or the other. Is so illogical and you can't expect them to firm you will jail them in turn. Is pathetic.

In Sen. Dino's words:

I have credible information that EFCC is trying to cook up allegations against me. Forensic check on all my accounts. I ready for una.

See tweets and people's reactions below...


http://www.exlinklodge.com/2017/03/i-heard-efcc-is-cooking-up-surprise-for.html

I can't laugh alone!

Two men met at a bus stop and struck up a conversation.

One of them kept complaining about family problems. Finally the other man said, "you think you have family problems? Listen to my situation."

"A few years ago I met a young widow with a grown up daughter and we got married. Later my father married my stepdaughter. That made my stepdaughter my stepmother and my father became my stepson. Also my wife became mother in law of her father in law.

Then the daughter of my wife, my stepmother had a son. This boy was my half brother because he was my father's son but he was also the son of my wife's daughter, which made him my wife's grandson. That made me the grandfather of my half brother.

This was nothing until my wife and I had a son. Now the half sister of my son, my stepmother is also the grandmother. This makes my father the brother in law of my child, whose step sister is my fathers wife. Thus I am my stepmother's brother in law, my wife is her own child's aunt, my son is my father's nephew and I'm my own grandfather.

And you think you have family problems?

do you understand the joke?


more @ http://www.exlinklodge.com/2017/03/checkout-this-most-twisted-joke-ever.html

lalasticlala do you understand the joke?

She is so beautiful and she is so inviting and she is a Nollywood actress as well as a producer and she no other person than Shirly Igwe. She dazzles indeed as she covers latest Issue Of Vanguard Allure Magazine March Edition

See more pics below....

more @ http://www.exlinklodge.com/2017/03/actress-shirley-igwe-dazzles-as-she.html

cc dominique missyb3

Former President's Godson and former Special Adviser to the Managing Director of the Niger Delta Development Commission, NDDC, Alabh George Turnah has been arrested by operatives of the Economic and Financial Crimes Commission, EFCC.

He was arrested in Port Harcourt, Rivers State in connection with alleged possession of funds running into N2 billion.

The money, according to the EFCC, was suspected to have been stolen from the NDDC while serving there as an Adviser to Mr. Dan Abia, then the NDDC managing director. Turnah, widely believed to be a godson of former President Goodluck Jonathan, served in the NDDC between 2012 and 2015.

Preliminary investigations by the EFCC threw up deposits made in his personal and company bank accounts in excess of N2billion. Search conducted in his houses in Port Harcourt and Yenogoa according to EFCC, yielded useful documents.

Mr. Turnah has also made useful statements to the EFCC and will be arraigned as soon as investigations are concluded. The arrested ex-NNDC staff runs a George Turnah Foundation founded in 2011, as a non-profit organization serving society philanthropy-wise.

more @ http://www.exlinklodge.com/2017/03/breaking-goodluck-jonathans-godson.html

cc dominique lalasticlala mynd44 missyb3 ishilove ijeybabe

Comptroller General of Nigeria Custom Services, Col. Hameed Ali appear to have learned his lessons and have understood the fact that the Nigeria National Assembly is greater than the powers he possess. In another letter written to National Assembly, Col. Ali begs the Nigeria Senate to reschedule his appointment till another day.

Though same letter was sent to the senate today and was signed by Deputy C.G of customs which the senate took exception to and therefore mandate Col. Ali to appear before them tomorrow being Wednesday 15th March 2017, but in this second letter, it was signed personally by Ali and dated March 14, 2017, the C-G explained that he was currently bereaved and could not appear at the time.

On wearing Uniforms, he urged the Senate to give him time as he was seeking legal advise on the matter to avoid running foul of the laws of the land.

Part of the letter reads:

“Regarding the wearing of uniform, I wish to advise that the Senate avails itself of the legal basis of its decision to compel me to wear uniform. “I am similarly seeking legal advice on this issue so that both the Senate and I will operate within the proper legal framework.

“I regret my inability to answer the Senate invitation owing to a recent bereavement. I will however, make myself available whenever i am needed in future,” he wrote.

See current letter to the senate signed by Col. Ali Hameed himself below

http://www.exlinklodge.com/2017/03/customs-boss-col-ali-begs-senate-to.html

BBNaija: Housemates Bisola & Tboss Fight Dirty This Morning - See Reasons & Reactions

Even though Big Brither Naija housemates Bisola and Tboss seems to have what one can call a cordial relationship, but their argument this morning is something else. Apparent what caused the whole saga was just because of a French Toast Recipe.

bigbrothernaija2017: TBoss and Bisola come to blows after the former takes a shot at the latter's french toast recipe.

Umu agadi ekwe nka - This Tboss get her own for body sha and Bisola is not an exception .

more @ http://www.exlinklodge.com/2017/03/bbnaija-housemates-bisola-tboss-fight.html

hmmmm


love


baaaaaaaaaaaaaaaaaaaaaad business

ok now


is getting pretty clear

that so true

hahahahaa



naija and gossip


haters too much ooo even he sell his kidney and bladder and even his heart, he can't get the kind of money he is spending


ndi ara

wonderful

Goldmaxx:
all women are hoes

seriously

lol

leave her now

make she turn all those Americanas wey be bony structure

ndi ara

Singer Flavour is not only known for his good musical vibes in Nigeria, but he is also known for his love for women and impregnating them is a simple task for him. So far the Na'abnia corona have 2 babies from different mothers and he may have just shared the 3rd babymama's picture this time according to one of his fans.

Flavour has been called out from most of his fans as he shared yet another beautiful photo of a very beautiful young lady which his fans now believe she could be the 3rd babymama in-line. He is far away in Miami, United States for a video shoot and it is believed that the girl is one of his dancers or something. Hmmm Isn't it how it all start?

Most fans commented on the post and warned the girl to beware of Flavour citing all his deeds in Naija while others are simply blasted him and telling him we have better naija girls for him...lol

http://www.exlinklodge.com/2017/03/fans-blast-singer-flavour-as-he-shared.html

[img]https://4.bp..com/-TRMYOQmJFvo/WMZ1rbuWVDI/AAAAAAAA2zI/4NCYz_sIJQ0uNSN0ljKV5vpIOFM6BDBsQCLcB/s1600/flavpr.png[/img]


https://www.instagram.com/p/BRkbbZuB1we/?taken-by=2niteflavour&hl=en

hmmmm


the gods are not to blame


this further affirms my decision to stay home and worship my God

mess pastors

She is so young and she is dazzles like a queen. And do you know what, she just turned 16. Nollywood actress, Iyabo Ojo celebrated her daughter’s 16th birthday in style.

The actress who released a dance video some weeks ago on her social media page with her daughter who has come of age threw a lavish "sweet 16 themed birthday" for her daughter, Priscilla Ajoke Ojo.

The actress’ daughter celebrated her 16th birthday with a photoshoot featuring her friends as they celebrated her day. She is indeed a princess like her mum.

Congrats girl but who is her dad?

See photos below:


more @ http://www.exlinklodge.com/2017/03/actress-iyabo-ojos-daughter-turns-16.html

cc lalasticlala mynd44 missyb3 dominique ijeybabe

35-year old lady, Eudora Michael, has accused her 59-year-old stepfather, Ziworitin Keke of deliberately cutting off the penis of her nine-month-old baby during circumcision. The incident happened at Odenwari village in Southern Ijaw Local Government Area of Bayelsa State.

The baby is currently receiving treatment at the Federal Medical Centre, Yenagoa. Mrs. Michael, a mother of eight, said she was convinced her stepfather chopped off the baby’s genitals out of malice. Michael told reporters at the hospital that she and her husband had no plan to circumcise the baby yet because he was ill at birth.

But her stepfather woke from sleep on the day of the incident with the message that she should bring the baby for circumcision.

She said, “It was not a mistake, as being speculated. “I carried the baby to him, and he cut off his genitals completely. I checked the length. “I am sad because I did not inform my husband before taking the boy for circumcision. “My baby cries much more than two other babies he had circumcised without complications.”

After the incident, Mrs. Michael said she suspected her son’s health was in danger when her stepfather asked that she should leave the boy with him for three weeks. She said she refused and took her to a health center at Krokrosei. According to her, her stepfather has never been a model of good behavior.

She said, “My stepfather raped my 13-year-old daughter and got her pregnant. “The product of that sinful act, a baby boy, is with my mother as we speak. “This time, he wants my son to die. He has been carrying out circumcision for long. Why is it that my son is the one who now has his penis cut away?”

Mrs Michael, however said she did not report the rape of her 13- year old daughter to the Police. She said the church where her father served as a minister punished him with a two-year suspension.

http://www.exlinklodge.com/2017/03/my-step-father-deliberately-cut-off-my.html

Love affair between two Nigerian Air Force personnel turned sour as Lieut Kal killed himself and his classmate/girlfriend, Oladipupo Solape a.k.a Shomzy Shomzy in Markudi, Benue state. It turns out that Kal killed her girl friend out of jealousy according to one of their classmate.

According to Danny Crane is Boston Legal "Love is a bad business" and that is really true. In series of Facebook posts Kal shared before he killed his girlfriend and himself, he described yesterday as his last day as an airman and even wished himself 'RIP'. It is believed that his last post which is '4:36' was the time he killed the young girl.

Umu aka erugi eru wara ogodo

See post below and other comments and pics...

more @ http://www.exlinklodge.com/2017/03/lieut-kal-kiss-girl-friend-over.html

cc lalasticlala mynd44 missyb3 obinoscopy dominique ijeybabe

I know my title is a little bit off the hook and catchy but that is what it is guys. This girls won kill person for this recession wey dey naija. She just dey flaunt massive everything, including b**b, B*tt, n**pls and hmmm, you go the other one.

If na one home video wey I watch, that guy go say this one na "umunne Delilah..lol.

She is Ibo anyway and her name is Amber Chioma Brendan. Photos on her Instagram page are sending loads of men to ecstasy heaven and back and her followership ....hmmmmmm You know the rest.

Men and bobbi. This one go collect person husband and even collect the wife join...lol

See more pics below..

more @ http://www.exlinklodge.com/2017/03/naija-lady-trends-on-instagram-as-she.html

cc lalasticlala mynd44 obinoscopy ishilove dominique

Senator Dino Melaye in all his controversial attitude and acts, he has taken Nigerians by surprise this time as he sits in a Buka enjoying Yoruba delicacy "Ewedu and Amala". Not that the senator representing Kogi West hasn't gone below the belt more than this, but this right here stands out.

Anyway, see what people thing below...


more @ http://www.exlinklodge.com/2017/03/nigerians-reacts-over-photo-of-sen-dino.html

cc mynd44 missyb3 ijeybabe lalasticlala dominique

The tension between former governor of Edo State, Comrade Adams Oshiomhole and former CBN governor, Soludo have not been this heightened before. It was indeed a war of words yesterday at the Vanguard Economic Discourse in Lagos when a former Governor of the Central Bank of Nigeria, Prof. Charles Soludo, and the immediate past Governor of Edo State, Mr. Adams Oshiomhole, engaged each other in heated argument.

The duo stunned the audience as they exchanged crude words during a discussion session moderated by the founding Group Managing Director/Chief Executive Officer, Guaranty Trust Bank, Mr. Fola Adeola. Soludo, who gave a keynote speech on the topic, ‘The hard facts to rescue the Nigerian economy’, had earlier cited some of the areas President Muhammadu Buhari had failed, Vanguard reports.

Soludo said nothing much would be achieved with the 2017-2020 Economic Recovery and Growth Plan, which was released by the Federal Government last week. In Soludo's words:

“Whose plan is it? Ownership will determine whether the plan is just a public relations document or whether it will be implemented. To what extent is the plan consistent with the APC manifesto, which promised a conscious plan for post-oil economy and to restructure the country and devolve power to units with the best practices of federalism? Is this plan that plan?” the ex-CBN boss asked.

He also described the envisaged 15 million jobs to be created under the plan as a “very nice wish.” “The plan envisages to continue the practice of the past government of borrowing to finance recurrent expenditure. Up until 2018, recurrent expenditure will continue to exceed total revenue. The deficit will continue to exceed capital budget, meaning that capital expenditure will continue to be borrowed, as done by the last government. So, what has changed?” he queried.

But in his remark, Oshiomhole fired back at the former CBN boss, accusing him of wrongly allocating millions of dollars to two new generation banks shortly before the naira was devalued. In Oshiomhole's word:

“I got some intelligence from my comrades who worked in the system and we found out that the CBN under Soludo had just allocated couple of millions of dollars to two, as they were then known, new generation banks. “And I asked Prof (Soludo), if you were going to devalue by Friday, why did you auction dollar at a lower rate on Thursday? I accused Soludo, I said you have enriched these two young men to the tune of N8bn, courtesy of your internal abuse.

“When the regulator behaved in this manner, then the Nigerian condition is much more serious than we can appreciate it. We need to deal with issues of attitude.”

Read complete article below................

more @ http://www.exlinklodge.com/2017/03/economic-crisis-ex-gov-oshiomhole-ex.html

cc lalasticlala dominique

Central Bank of Nigeria intervenes in Etisalat loan crisis. Following their intervention in the Etisalat N541.8B loan crisis with 13 banks, the apex bank has stopped the banks from taking over the telecom company. The banks' plans to take over the fourth largest telecommunication company was halted yesterday, Friday, March 10, in a meeting held in Lagos between the Central bank of Nigeria, the Nigerian Communications Commission and the parties.

Etisalat in a bid to expand and upgrade its network in 2015, had taken a loan of N541B from a consortium of 13 foreign and Nigerian banks but failed in the refinancing of the loan citing devaluation of Naira and scarcity of dollar as reasons for its inability to service the loan. This excuse compelled the banks to plan a take-over of the fourth largest telecommunication network in Nigeria.

According to Business Insider, the Central Bank of Nigeria and the NCC waded into the issue as the CBN Governor, Godwin Emefiele and Executive Vice Chairman of NCC Umaru Danbatta called for a meeting on Thursday 9 to find ways around the debacle and proffer a solution that would be beneficial to all parties. Both regulators, therefore, decided to invite the management of Etisalat and the consortium of banks for a round-table meeting on Friday, March 11.

Interestingly, reprieve came for Etisalat at the meeting held at Lagos office of the CBN as the CBN Governor, Godwin Emefiele ordered the 13 banks to stop their plans to take over the mobile network operations. In a statement issued by the Director, Public Affairs at NCC, Mr. Tony Ojobo after the meeting, it was stated that the meeting succeeded in stopping the creditors attempt to bring Etisalat under any form of takeover.

The statement further states:

“CBN Governor, Mr. Godwin Emefiele who chaired the meeting was firm in declaring what needed to be done by both parties towards a quick resolution. The NCC equally made it clear everything necessary must be done to protect the 23 million Etisalat subscribers and also protect the telecom industry to prevent potential investors from developing cold feet”

Nigerian Banks among the consortium of Banks include Zenith Bank, Access Bank, and Guaranty Trust Bank. However, to enable Etisalat remain in business while the consortium of banks fulfill their obligations to their customers, another meeting has been scheduled for March 16 to agree on a payment restructuring path.


more @ http://www.exlinklodge.com/2017/03/etisalat-loan-crisis-cbn-stops-banks.html

cc lalasticlala dominique missyb3 mynd44

nice