Etisalat gets new Chairman

The Central Bank of Nigeria has appointed a Deputy Governor of the bank, Dr. Joseph Nnanna, as the Chairman of Etisalat Nigeria.

Etisalat Nigeria is a private telecommunications company in trouble with 13 local lenders over a multi-million dollar loan.

Nnanna replaces Etisalat Nigeria’s founding Chairman, Hakeem Belo-Osagie who resigned from the board last week.

Reuters reports that Boye Olusanya is the new Chief Executive Officer, while Funke Ighodaro is the Chief Financial Officer.

The latest move by the CBN aligns with the Nigerian Communication Commission’s strategy to see Etisalat remain a going concern and resolve its key issue of indebtedness, while putting in a transition process on mutually agreed terms

Etisalat of Abu Dhabi, the minority shareholder of Etisalat Nigeria and the brand owner, has withdrawn and warehoused its stake in the local telecom unit, but is yet to reach a decision on the use of its brand in Nigeria.

Nigeria’s financial regulator has reportedly not injected funds into Etisalat Nigeria or any of the 13 lenders involved in the loan squabble. (Channels TV)

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