EXCLUSIVE: Ex-Etisalat CEO ‘to be adviser’ as NCC approves transition plan

Matthew Willsher, who resigned as CEO of Etisalat Nigeria on Monday, will stay on as special adviser to the new man, Boye Olusanya, TheCable can report.

This is part of the “seamless transition” arrangement brokered by the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) to keep the mobile network on the path to management stability.

Meanwhile, the NCC, in a statement issued on Tuesday morning, has announced that Etisalat and its creditors “have successfully reached an amicable resolution of key issues pertaining to its indebtedness”, and that “a smooth transitional process is currently ongoing on mutually agreed terms”.

Willsher, whose contract as CEO was to expire in December 2017, will still enjoy all his benefits and help with a smooth transition process before exiting the company, insiders informed TheCable.

All the agreements reached at a meeting on Thursday involving the CBN, NCC, creditors and the Etisalat management have now been implemented.

Keem Belo-Osagie resigned as chairman, as agreed, the following day, while the CEO and CFO resigned on Monday, paving the new for the new CEO and CFO to assume duties at 7.45pm same day.

In a statement signed by Tony Ojobo the NCC director of public affairs, the regulator said the “amicable resolutions” will also strengthen Etisalat.

The full text of NCC’s statement

Following our Press Release of June 20, 2017 on the above, and in response to stakeholder enquiries regarding the current position on Etisalat Nigeria, the Nigerian Communications Commission (NCC) wishes to state as follows:

• The Commission is pleased to note that Etisalat and its creditors have successfully reached an amicable resolution of key issues pertaining to its indebtedness, and that a smooth transitional process is currently ongoing on mutually agreed terms.
• The Commission is confident that the amicable resolutions reached by the parties will further strengthen Etisalat’s capacity to continue to provide services to its over 20million customers and to fulfil its obligations to its other stakeholders as a going concern, regardless of any changes that the parties have agreed to Etisalat’s Ownership, its Board and/or its Executive Management.
• We further wish to assure that as empowered by the Nigerian Communications Act 2003, the Commission will continue to work assiduously with all industry stakeholders to ensure that the Nigerian telecommunications industry remains capable of playing its critical role as a key driver of national socio-economic development. NCC is mindful of the need to sustain the industry’s significant contribution to National GDP, employment and infrastructure roll-out at all times. The Commission’s intervention in the matter was informed by these considerations, and we arepleased at the success of the ongoing process.
• The Commission also wishes to acknowledge the pivotal role of the Central Bank of Nigeria in resolving the matter in a manner that protects the interests of all stakeholders – especially the creditor banks and Etisalat’s over 20million customers.