Official: CBN takes over Etisalat


Etisalat Nigeria Ltd has announced the resignation of its Chief Executive Officer (CEO) and Chief Financial Officer (CFO), CEO Mr Matthew Willshire and CFO Mr Wole Obasunloye respectively. This was contained in a press release made available to Nairametrics earlier today.

Etisalat also confirms the reconstitution of its board with the appointment of Dr. Joseph Nnanna – Chairman (CBN), Mr. Oluseyi Bickersteth (KPMG), Mr. Ken Igbokwe (PWC), Mr. Boye Olusanya(MD of Dancom, s subsidiary of Dangote Group, also former MD of Celtel) and Mrs. Funke Ighodaro (former CFO of Tiger Brands) as board members.

Mr. Boye Olusanya has been confirmed as Chief Executive Officer, to replace Mr. Matthew Willsher, while Mrs. Funke Ighodaro takes over from Mr. Olawole Obasunloye as Chief Finance Officer.

What this means

After the Chairman of Etisalat was removed last week, Nairametrics had suggested that the company may have been nationalised to pave way for an eventual sale to a private equity investor. Whilst details of government roles is still sketchy the latest move strengthens our view that the CBN is firmly in control of a post Mubadala Etisalat.

Here is a full excerpt of the press release obtained by Nairametrics


Etisalat Nigeria Appoints new Board of Directors and top Management

Lagos, Nigeria, 4th July, 2017: Etisalat Nigeria today confirms that as a result of the on-going restructuring efforts, a new board has been constituted. It comprises of Dr. Joseph Nnanna – Chairman, Mr. Oluseyi Bickersteth, Mr. Ken Igbokwe, Mr. Boye Olusanya and Mrs. Funke Ighodaro.

Mr. Boye Olusanya has been confirmed as Chief Executive Officer, to replace Mr. Matthew Willsher, while Mrs. Funke Ighodaro takes over from Mr. Olawole Obasunloye as Chief Finance Officer.

The Consortium of Lenders, working with the regulators NCC and the Central Bank of Nigeria are committed to the on-going efforts to restructure the company towards a path of long term success of the business and the appointment of a seasoned board of directors and top management is a testament to this. The decisions reached so far reflect the high confidence all the stakeholders have in the continued viability and sustainability of the business. The smooth transition is also proof of management’s commitment to ensure that the operations of the company run seamlessly, and customers continue to enjoy superior network quality and positive customer experience

Etisalat Nigeria remains committed to continuously serving our subscribers, through the provision of innovative products and services with its committed staff, partners and vendors to empower the needs of our customers and improve their experience on the network.

We thank all our customers for your loyalty, understanding and continued patronage.

Signed: Management

 

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