Home / NEWS / Breaking: Etisalat Chairman Hakeem Belo-Osagie resigns after recent banks’ takeover moves

Breaking: Etisalat Chairman Hakeem Belo-Osagie resigns after recent banks’ takeover moves

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 comes more than a week after Mubadala Development Company directors tendered their resignation.”

Hakeem Belo-Osagie

The source also said that, “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.”

“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 4thlargest 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 the 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.”

The source conclude by saying that , “Further announcements on the composition of the new board are expected from the stakeholders.”

Recall that in just less than four months, telecom company, Etisalat Nigeria survived two alleged take-over attempts by a consortium of 13 banks it borrowed money from in 2013 to fortify its network and expand its operations in Nigeria.

On each occasion, interventions by the telecom sector regulator, the Nigerian Communications Commission, NCC, its counterpart in the banking sector, the Central Bank of Nigeria, CBN, were all it took to avert the impending doom such an action could unleash on the bourgeoning telecom sector.

 

The post Breaking: Etisalat Chairman Hakeem Belo-Osagie resigns after recent banks’ takeover moves appeared first on Vanguard News.

Source: Vanguard News

Breaking: Etisalat Chairman Hakeem Belo-Osagie resigns after recent banks’ takeover moves

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