Nigerian Senate probes Etisalat over $1.2bn loan | Nigeria News Today. Your online Nigerian Newspaper f

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The Senate on Tuesday mandated four of its standing committees to investigate the management and utilization of the $1.2billion loan facility obtained from 13 Nigerian banks by the Etisalat Nigeria, now 9moblie.

This was followed by a motion by Senator Solomon Olamilekan (APC Lagos) on the urgent need for the senate to wade into the Etisalat debt crisis.

The four committees are Banking, Communications, Capital Market and National Security and Intelligence.

The Senate also asked the joint committee to make recommendations on ways the Nigeria financial governance structure can be strengthened by legislations to prevent any future similar occurrence.

It also further called on the relevant financial intelligence agencies of the Federal Government to probe the management of Etisalat Nigeria and hold the defaulting parties accountable for their actions.

Olamilekan in his motion noted that Etisalat ownership comprises of three shareholders, 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 remark, the Senate president, Bukola Saraki tasked the committees to do a thorough work and report back to plenary as soon as possible.

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