Etisalat Nigeria Chairman, Belo-Osagie, Resigns

The chairman of Etisalat Nigeria, Hakeem Belo-Osagie, has resigned his appointment after the restructuring of the telecommunication company.

The resignation is with immediate effect.

Reports say Belo-Osagie had planned to leave immediately the banks made the take-over move, but he opted to tarry until a road map for the company was finalised.

A statement from the communications company read;

“The timing of the resignation was strategically delayed till now when stakeholders have agreed a plan and comes more than a week after Mubadala Development Company directors tendered their resignation.

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“The development also reflects Belo-Osagie’s deep commitment to protecting the interest of all stakeholders.”

It is now expected that Etisalat Nigeria under its new shareholding structure will navigate through its current loan repayment challenge with minimum impact.

Over the last several months, Belo-Osagie worked extensively with critical stakeholders to prepare clearly articulated strategies and robust road maps that will mitigate the impact of the new shareholding restructuring and realignment on the operations and management of the fourth largest telecoms player in Nigeria.

With this development, the new board will assume control of Etisalat.

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