Troubled Etisalat Nigeria underwent a “seamless transition” to an interim management on Monday following an agreement with the consortium of its creditors, TheCable understands.
The telcom, with 21 million subscribers, owes the banks N541 billion, leading to a take-over attempt.
Mubadala Group, the major investor from the United Arab Emirates, has pulled out of Nigeria’s fourth largest mobile operator while its chairman, Keem Belo-Osagie, has stepped down.
TheCable also understands that the chief executive officer, Matthew Willsher, and the chief financial officer, Olawole Obasunloye, have stepped down.
Advertisement
“The transition was successful. Everybody is back at their duty post and the lights are back on,” a senior official of the telco informed TheCable.
The transition agreement was brokered with the banks by the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC).
NCC has warned the creditors that the licence awarded to Etisalat Nigeria is not transferable, effectively stopping the banks from taking ownership of the company.
Advertisement
An official announcement on the interim management team is expected to be made by the company on Monday.
Add a comment
