Nigerian Senate Probes $1.2bn ETISALAT Loan Crisis
The Senate on Tuesday ordered four of its standing boards of trustees to research the administration and usage of the $1.2billion credit office acquired from 13 Nigerian banks by the Etisalat Nigeria, now 9moblie.
This was trailed by a movement by Senator Solomon Olamilekan (APC Lagos) on the pressing requirement for the senate to swim into the Etisalat obligation emergency.
The four advisory groups are Banking, Communications, Capital Market and National Security and Intelligence.
The Senate likewise requested that the joint council make suggestions on ways the Nigeria budgetary administration structure can be fortified by enactments to keep any future comparable event.
It likewise additionally approached the significant budgetary insight offices 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 involves 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 to do an exhaustive work and report back to the house at the earliest opportunity.