Hakeem Bello-Osagie, the Chairman of Etisalat Nigeria Limited, has resigned his position with the company which he was the promoter in Nigeria. This is a very unfortunate incident that can cripple finding a lasting solution in Etisalat. Few days ago, other non-executive directors of Etisalat Nigeria also resigned. The resignation of Mr Bello-Osagie completes the clean-up of the Etisalat Nigeria board.
The resignation takes immediate effect. A statement obtained by PREMIUM TIMES confirmed the development, saying the decision followed “the approval of a restructuring plan for the telecommunications firm.”
Mr. Bello-Osagie, the one-time Chairman of the United Bank for Africa, UBA, was the surviving shareholder in the embattled mobile operator currently embroiled in a $1.2 billion loan repayment crisis with a consortium of 13 Nigerian banks.
He was the promoter of Emerging Markets Telecommunications Services, EMTS, which controlled 15 per cent of the equity holding of the company
His resignation followed the withdrawal, two weeks ago, of the company’s major shareholder, Emirates Telecommunications Group Company, which announced the decision to quit effective June 15, 2017.