Newly Appointed Etisalat Board To Decide Fate In Six Months

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The recently designated seven-part leading group of Etisalat will decide the undertakings of the beset broadcast communications firm after the following six months, amid which powerful choices on by and large deal or merger choices will be taken.

Etisalat, which controls 13 for each penny piece of the overall industry in Nigeria has had a running fight with 13 consortium of banks since March, after it advised them of its failure to meet the adjusting of its $1.2 billion obligation in February because of the remote trade challenges in the nation. Resulting occasions constrained the abdication of its Chief Executive Officer (CEO) and Chief Financial Officer (CFO), Matthew Willsher and Olawole Obasunloye separately on Monday.

These incorporate the CEO; CFO; Company Secretary and one other part. Government, through the Central Bank of Nigeria (CBN) would have one, while investors would have two. The CBN designated Dr. Joseph Nnanna, a Deputy Governor, Operations at the summit bank as the Chairman of the board, while the financiers assigned Boye Olusanya and Mrs. Funke Ighodaro as new CEO and CFO separately.

Olusanya, a previous Deputy CEO and consequently the Acting CEO of Econet Wireless in 2001 assumes control from Willsher, while Ighodaro supplanted Obasunloye. Ighodaro’s portfolio peruses Executive Director, Finance.Other individuals from the board incorporate Oluseyi Bickersteth and Ken Igbokwe as non-official chiefs.

Then, an announcement from NCC cautioned people in general to the way that a smooth transitional process has been set up to guarantee persistent running of the media communications firm without hitches.

NCC said is certain that the neighborly resolutions come to by the gatherings will additionally fortify Etisalat’s ability to keep on providing administrations to its more than 20 million clients and to satisfy its commitments to its different partners as a going concern, paying little heed to any progressions that the gatherings have consented to its (Etisalat) proprietorship, its board as well as its official administration.

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