NAICOM Issues Update on Recapitalization Plan; Extends Deadline To December 31, 2020

Tuesday, December 31, 2019 /09:46 AM / By NAICOM / Header Image Credit: Maritime Newspaper

1. Introduction 

This Circular is in furtherance to our earlier Circulars referenced NAICOM/DPR/CIR/25/20 19 dated May 20, 2019 and NAICOM/DPR/CIR/25 - 01/2019 dated July 23, 2019 on the above subject matter.

2. Deadline For Recapitalisation Policy

The Commission has reviewed the Recapitalisation plans submitted by operators and various levels of compliance observed. Similarly, it has noted the inputs from the various engagements with relevant stakeholders. The Commission therefore hereby extends the recapitalization deadline to December 31, 2020.

3. Escrow Accounts With CBN

The Central Bank of Nigeria has obliged the Commission with the Recapitalisation Escrow Account (T24) for the deposit of fresh funds raised for recapitalisation. Below are the details ofthe T24 account:

T24 Account Name: Recapitalisation Escrow - NAICOM

T24 Account No: 0230164061014

4. Palliative Measures 

As part of the measures to ease the recapitalisation exercise, some of the relevant Agencies have set up Help Desk to fast track processing of application for 'No Objection' and for approvals.

Engagements with these Agencies on other palliatives are on-going.

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