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CBN’s deputy governor named as chairman of telecom company
This move was noted as part of the strategies by the consortiums of lenders and the regulators to put the company on the path of long-term growth and success.
Etisalat Nigeria has facing financial challenges meeting the need repayments of the $1.2 billion credit facility gotten from a consortium of 1o commercials banks in Nigeria.
In a press release by the company on Tuesday, July 4, 2017, Dr Joseph Nnanna was announced the new Chairman of Etisalat Nigeria.
“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.”
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Dr Joseph Nnanna is currently the Deputy Governor of CBN on Financial System Stability.
This move was noted as part of the strategies by the consortiums of lenders and the regulators – Central Bank of Nigeria (CBN) and Nigerian Communication Commission (NCC), to put the company on the path of long-term growth and success.
“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 ensuring that the operations of the company run seamlessly, and customers continue to enjoy superior network quality and positive customer experience.”
It would be recalled that the company transfer 45% equity stake to the creditors on June 20, 2017, after the failed debt restructuring talks.
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Earlier in the week, sources close to the Etisalat Nigeria deal informed that two international telecommunication giants, Orange Communications and Vodafone, are interested in buying the company.
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