Telecommunications operators in Nigeria have kicked over the Corporate Governance provision by the Nigerian Communications Commission (NCC) on the
In the same vein, Airtel Nigeria said, the Section 14 Guidelines are in contravention of Section 15 of the Foreign Exchange Act Chapter F34, 1995 18 which guarantees unrestrictive transferability of returns from Foreign Direct Investment.
“The Commission is currently reviewing capital and other ratios for its licensees, which will be taken into account in further review of this provision,” the company said. “Given that foreign shareholders and bondholders are entitled to receive dividends and interest respectively depending on the capital structure of the entities, the inability to timely meet interest repayments portends a negative connotation for the country especially as lenders would be reluctant to extend further credit to local borrowers and this eventually adversely impacts sovereign credit rating.
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