Bello-Osagie resigns as Chairman of Etisalat Nigeria over $1.72 billion impasse

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[Etisalat]–The Chairman of Etisalat Nigeria, Mr. Hakeem Bello-Osagie, has resigned his appointment with immediate effect following the approval of a restructuring plan for the telecommunications firm.

His resignation followed the withdrawal two weeks ago, of the company’s major shareholder, Emirates Telecommunications Group Company, which announced the decision to quit effective June 15, 2017.

Bello-Osagie was the promoter of Emerging Markets Telecommunications Services (EMTS) which controlled 15 percent of the equity holding of the company.

The former chairman of United Bank for Africa (UBA) was the surviving shareholder in the embattled mobile operator currently embroiled in a $1.2bn (about N377.4 bn) loan repayment crisis with a consortium of 13 Nigerian banks.

This is coming on the heels of interventions from regulatory agencies, including the Nigerian Communications Commission (NCC), 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.

Recall that a group of banks led by Access Bank were reported to have taken over the management of the telecommunication company, Etisalat Nigeria.

The take-over came as a result of a futile effort by Emerging Markets Telecommunications Services, EMTS, promoted by-one time Chairman, United Bank for Africa, UBA, Hakeem Bello-Osagie, to reach agreement with the banks on debt restructuring plan in the protracted $1.72 billion (about N541.8 billion) debt impasse.

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