Hakeem Belo-Osagie, the chairman of Etisalat Nigeria,
has resigned his appointment after the restructuring of
the telecommunication company.
The resignation is effective immediately.
According to Etisalat, Belo-Osagie 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 comes more than a week after Mubadala
Development Company directors tendered their
resignation,” the statement read.
“The development also reflects Belo-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.
Over the last several months, Belo-Osagie 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 fourth 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
(NCC) and Central Bank of Nigeria (CBN) 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.
TheCable
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