The Chairman of Etisalat Nigeria, Mr. Hakeem Bello Osagie, has resigned
his appointment following the approval of a restructuring plan for the
telecommunications
firm.
The resignation is effective immediately, according to an insider
source.
“Although the chairman had planned to leave immediately the banks made
the take-over move, he opted to tarry until a road map for the company was finalised.
The timing of the resignation was strategically delayed till now when
stakeholders have agreed a plan and come more than a week after Mubadala
Development Company directors tendered their resignation. The development also
reflects
“The development also reflects Mr. Bello-Osagie’s deep commitment to
protecting the interest of all stakeholders. It is now expected that Etisalat
Nigeria under its new shareholding structure will navigate through its current
loan repayment challenge with minimum impact,” the source added.
“Over the last several months, the chairman has worked extensively with
critical stakeholders to prepare clearly articulated strategies and robust road
maps that will mitigate the impact of the new shareholding restructuring and
realignment on the operations and management of the 4th largest telecoms player
in Nigeria.”
With this development, the new board will assume control of Etisalat.
This is coming following interventions, which have been roundly
applauded, from regulatory agencies, including the Nigeria Communications
commission and Central Bank of Nigeria and other stakeholders to ensure that
the best decisions are taken in the interest of the subscribers, employees and
the Nigerian economy.
“Further announcements on the composition of the new board are expected
from the stakeholders,” the source added.
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