Etisalat Appoints New CEO, Resolves $1.2 Billion indebtedness Issues With Lending Banks

The Nigerian Communications Commission says Etisalat and its creditors have successfully reached an amicable resolution of key issues pertaining to the $1.2bn indebtedness.

The Director, Public Affairs, NCC, Mr Tony Ojobo, said in a statement in Lagos on Tuesday that a smooth transitional process was currently ongoing on mutually agreed terms.

He said that the amicable resolution would allay the fears of stakeholders on enquiries regarding the current position on Etisalat Nigeria.

Ojobo said that the commission was confident that the amicable resolutions reached by the parties would further strengthen Etisalat’s capacity to continue to provide services to its over 20 million customers.

According to him, the resolutions will help Etisalat fulfil its obligations to its other stakeholders as a fast growing business concern.

“This is regardless of any changes that the parties have agreed to Etisalat’s ownership, its board and/or executive management.

“We further wish to assure that as empowered by the Nigerian Communications Act 2003, the commission will continue to work assiduously with all industry stakeholders.

“This is to ensure that the Nigerian telecommunications industry remains capable of playing its critical role as a key driver of national socioeconomic development,” he said.

Ojobo said that the NCC was mindful of the need to sustain the industry’s significant contribution to the National GDP, employment and infrastructure roll-out at all times.

He said that the commission’s intervention in the debt matter was informed by these considerations and was pleased about the success of the ongoing process.

“The commission also wishes to acknowledge the pivotal role of the Central Bank of Nigeria in resolving the matter in a manner that protects the interests of all stakeholders, especially the creditor banks and Etisalat’s over 20 million customers,” Ojobo said.

Meanwhile, the embattled telecommunication company has appointed Boye Olusanya as its new after the former Chairman Hakeem Belo-Osagie resigned early this week.

Etisalat Group took over Etisalat Nigeria as a result of the telecommunications firm’s inability to repay its debts reaching $1.72 bn (about N541.8bn).

On Monday, the company’s CEO Matthew Willsher and Chief Financial Officer Olawole Obasunloye stepped down as part of its transition process.

Boye Olusanya was the former Deputy Managing Director of Celtel Nigeria.

He was a pioneer member of Econet in 2001 and has worked through the different stages with the company.

Boye Olusanya holds a BSc in Civil Engineering and MSc in Environmental Civil Engineering from a Liverpool University. He also has another MSc in Computer Science from Manchester University.

Credit: NAN)

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