Hakeem Belo-Osagie steps down as chairman Etisalat Nigeria

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

The resignation is effective immediately.

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

“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,” the statement read.

“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.

This is coming following interventions, which have been roundly applauded, from regulatory agencies, including the Nigeria Communications commission (NCC) and Central Bank of Nigeria (CBN) and other stakeholders to ensure that the best decisions are taken in the interest of the subscribers, employees and the Nigerian economy.

Further announcements on the composition of the new board are expected from the stakeholders.