Etisalat's board has been dissolved, new chairman appointed

Etisalat's board has been dissolved, new chairman appointed”

Following the departure of the Etisalat Group from its Nigerian business, Etisalat Nigeria, Orange Telecom and Vodafone have appeared as front runners to buy a 65% stake in the operator. Nnanna is now in charge of Financial System Stability at the CBN and also heads the Economic Policy Directorate of the apex bank.

Mr. Boye Olusanya has been confirmed as Chief Executive Officer, to replace Mr. Matthew Willsher, while Mrs. Funke Ighodaro takes over from Mr. Olawole Obasunloye as Chief Finance Officer.

Daily Times reports that they have all resumed this morning.

The regulatory source said the central bank had provided assurances to lenders but had not invested any funds, adding that the company's minority owner, Abu Dhabi's Etisalat, has indicated it may pull out of Nigeria following the debt crisis but has not made a decision on the use of its brand in the country.

As part of the transition programme, the firm is also expected to announce a new management team.

Etisalat Nigeria equally said it remains committed to serving its subscribers through the provision of innovative products and services with its committed staff, partners and vendors to empower the needs of our customers and improve their experience on the network.

This is coming some days after the resignation of the Chairman, Hakeem Bello-Osagie and some Mubadala directors of the United Arab Emirate (UAE) firm.

Etisalat Nigeria has been involved in a series of takeover attempts by a consortium of Nigerian banks it owes a $1.2 billion loan facility which it has defaulted on due to various economic circumstances. More details on this as the story unfolds.

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