Telco's board has been dissolved, CBN deputy Governor appointed as its new chairman

The board of Etisalat Nigeria has been dissolved as the loan default drama between the telecoms company and a consortium of Nigerian banks continues to unfold.

According to a Daily Times report, the chairman of the new board will be CBN Deputy Governor Okwu Joseph Nnanna. Nnanna is currently in charge of Financial System Stability at the CBN and also heads the Economic Policy Directorate of the apex bank.

Boye Olusanya, a former Deputy Managing Director at Celtel Nigeria (now Airtel Nigeria) has also been named as Etisalat Nigeria’s new CEO with Funke Ighodaro, a former CFO and Executive Director of Tiger Branded Consumer Goods Company (formerly Dangote Flour Mills), appointed as the telco’s new CFO.

Daily Times reports that they have all resumed this morning.

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The report also says that the transition agreement was brokered by the Nigeria Communications Commission (NCC) and the CBN, both of whom have been actively involved in finding a resolution to the loan drama. An official announcement on the interim management team will be made by Etisalat Nigeria at a later time.

Etisalat Nigeria has been involved in a series of takeover attempts by a consortium of Nigerian banks it owes a $1.2 billion loan facility which it has defaulted on due to various economic circumstances.

As a result, Mubadala Group, a major investor in the company based in the United Arab Emirates (UAE), pulled out of the company while its chairman, Hakeem Bello-Osagie also stepped down.

Etisalat Nigeria is Nigeria fourth largest network operator. More details on this as the story unfolds. Watch this space.