CBN Appoints New Etisalat Chairman

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The Central Bank of Nigeria on Tuesday appointed a deputy governor of the bank, Dr Joseph Nnana, as the Chairman Of Etisalat Nigeria, the private telecommunications company in trouble with 13 banks over a multi-million dollar loan.

Dr. Nnana replaces Etisalat Nigeria’s Founding Chairman Hakeem Belo-Osagie who resigned from the board last week.

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Sources reported today that Boye Olusanya is Etisalat new Chief Executive Officer, while Funke Ighodaro is the chief financial officer.

The latest move by the CBN aligns with the plan of the Nigerian Communication Commission for Etisalat to remain a going concern and resolve its key issue of indebtedness while putting in place a transition process on mutually agreed terms.

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Etisalat of Abu Dhabi, the minority shareholder of Etisalat Nigeria and the brand owner has withdrawn and warehoused its stake in the local telecom unit but has yet to reach a decision on the use of its brand in Nigeria.

Nigeria’s financial regulator has reportedly not injected funds into Etisalat Nigeria or any of the 13 lenders involved in the loan squabble.

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