The board of the Etisalat Nigeria has been dissolved over the load issue rocking the telecommunication company. Boye Olusanya, former deputy managing director of Celtel Nigeria (now Airtel Nigeria), will be the chief executive officer of the embattled telecommunication company, Etisalat Nigeria during the transition period, Vigil360 has learnt.
Former deputy managing director of Celtel Nigeria, Boye Olusanya as been named as the new CEO, and Former CFO and Executive Director of Tiger Branded Consumer Goods Company (formerly Dangote Flour Mills), Funke Ighodaro has been named as the new CFO.
According to sources, the Chairman of the Board has been named as CBN Director Dr. Okwu Joseph Nnanna taking over from the erstwhile chairman Keem Belo-Osagie.
The transition agreement was brokered with the banks by the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC), while official announcement on the interim management team is to be made by the company.
Matthew Willsher stepped down as CEO on Monday, along with the chief financial officer, Olawole Obasunloye.
The telcom, with 21 million subscribers, owes the banks N541 billion, leading to a take-over attempt.
Following the impasse, Mubadala Group, the major investor from the United Arab Emirates, has pulled out of Nigeria’s fourth largest mobile operator.
NCC has warned the creditors that the licence awarded to Etisalat Nigeria is not transferable, effectively stopping the banks from taking ownership of the company.
