LAGOS, July 13 (Reuters) - Nigeria’s telecoms regulator will check the financial health of other operators after Etisalat Nigeria defaulted on a $1.2 billion loan, a spokesman said.
“We need to check the books to detect failings on time,” he told Reuters by phone, adding that the law setting up the Nigerian Communications Commission (NCC) empowers it to conduct such checks.
He also said that the commission must approve any new investor with over 10 percent of the shares in a telecoms firm.
Etisalat Nigeria’s lenders have taken control of the management of the company and placed the shares in the custody of a loan trustee. (Reporting by Chijioke Ohuocha; Editing by Elaine Hardcastle)