Hakeem Belo Osagie resigns as chairman of Etisalat


The Chairman of Etisalat Nigeria, Mr. Hakeem Belo-Osagie, has resigned his appointment following the approval of a restructuring plan for the telecommunications firm.

The resignation is effective immediately.

Although the chairman had planned to leave immediately the banks made the take-over move, he opted to tarry until a road map for the company was finalised.

The timing of the resignation was strategically delayed till now when stakeholders have agreed a plan and comes more than a week after Mubadala Development Company directors tendered their resignation. The development also reflects Mr. Belo-Osagie’s deep commitment to protecting the interest of all stakeholders.

It is now expected that Etisalat Nigeria under its new shareholding structure will navigate through its current loan repayment challenge with minimum impact.

Over the last several months, the chairman has worked extensively with critical stakeholders to prepare clearly articulated strategies and robust road maps that will mitigate the impact of the new shareholding restructuring and realignment on the operations and management of the 4th largest telecoms player in Nigeria.

With this development, the new board will assume control of Etisalat.

This is coming following interventions, which have been roundly applauded, from regulatory agencies, including the Nigeria Communications commission (NCC) and 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.

Further announcements on the composition of the new board are expected from the stakeholders.

 

 

Pat Melik

PAT MELIK is an economist and analyst. He holds a B.sc in Economics and an MBA in Finance from the Haub School of Business, Philadelphia, Pennsylvania. MELIK has written more than 300 pieces, analysis and stories on the economy and financial markets that appear regularly on Nairametrics. MELIK’s unique insight was honed during the global financial crises of 2008 in the USA while pursuing his MBA and getting to understand how markets work. MELIK also has a first hand knowledge about trading global stocks, bonds, commodities and derivatives.

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