A Consortium of banks (both local and foreign banks)had threatened to takeover the communication company following its inability to repay the loans granted it by the banks.
The CBN, NCC conveyed a meeting on Friday with the banks and Etisalat in attendance to find a resolution to the crisis.
According to Tony Ojobo, The Director of Public Affairs of the NCC, in a statement on Saturday, said "Friday's meeting succeeding in halting the attempt by Etisalat's creditor at bringing it under any form of takeover."
"Receivership was completely taken off the table in a meeting that was very productive and constructive."
Ojobo, said that in the meeting held at the CBN office, it was agreed that everything must be done to protect the 23 million Etisalat subscribers.
He also said that " effort has been made to ensure that Etisalat remains in business while the consortium of banks in Nigeria which include Access bank, Zenith bank and Guaranty Trust bank meet their obligations to their customers and that a meeting will hold on March 16 to agree on a payment restructuring path going forward."
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