Following the news last week that Etisalat Nigeria Chairman has resigned, the CEO, Matthew Willsher, and the chief financial officer, Olawole Obasunloye, have stepped down.
Mr Bello-Osagie resigned after news that Mubadala Group, the major investor from the United Arab Emirates, has pulled out of Nigeria’s fourth largest mobile operator effective June 15, 2017.
It was reported recently that some banks had taken over the embattled telecoms company following the collapse of the effort by Emerging Markets Telecommunications Services, EMTS, led by Hakeem Bello-Osagie, to reach an agreement with the banks on a debt restructuring plan for its about N541.8 billion debt.
Mr Bello-Osagie was the promoter of Emerging Markets Telecommunications Services, EMTS, which controlled 15 per cent of the equity holding of the company
In 2013, Etisalat had obtained a syndicated loan from a consortium of 13 Nigerian banks, including Access Bank, Zenith Bank Plc, Guaranty Trust Bank Plc, First Bank Limited, Fidelity Bank Plc, First City Monument Bank, Stanbic IBTC, Ecobank, United Bank for Africa Plc and Union Bank of Nigeria Plc.
The loan, which involved a foreign-backed guaranteed bond, was to help the mobile firm finance a major network rehabilitation, upgrade and expansion of its operational base in Nigeria.
An official announcement on the interim management team is expected to be made by the company later today.
Update:
Ex-Vmobile, Celtel DMD, Boye Olusanya has been chosen to be the CEO of the company during the transition period.
