Friday, 30 June 2017

Etisalat Nigeria Chairman Resigns

The Chairman of Etisalat Nigeria Limited, Hakeem Bello-Osagie, has resigned his position. The resignation takes immediate effect.

A statement obtained by Premium Times confirmed the development, saying the decision followed “the approval of a restructuring plan for the telecommunications firm.” Mr. Bello-Osagie, the one-time Chairman of the United Bank for Africa, UBA, was the surviving shareholder in the embattled mobile operator currently embroiled in a $1.2 billion (about N377.4 billion) loan repayment crisis with a consortium of 13 Nigerian banks.

His resignation followed the withdrawal, two weeks ago, of the company’s major shareholder, Emirates Telecommunications Group Company, which announced the decision to quit effective June 15, 2017.

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