CBN heads Etisalat board in new arrangement

The Nigerian Communication Commission (NCC) is said to have succeeded in brokering a deal to resolve the impasse that has greeted Etisalat’s business relationship with its creditor banks.

As a transitional arrangement before final resolution of how to offset the $1.2 billion debt the teleco owes a consortium of 13 banks, the Central Bank of Nigeria (CBN,) Deputy Governor, Mr. Joseph Nnanna, has been appointed to serve as Etisalat chairman, while Mr. Boye Olusanya is to serve as Chief Executive Officer and Mr. Funke Ighodaro as chief financial officer.

Read also: NCC, banks differ on total take over of Etisalat

This was confirmed by Etisalat Nigeria’s vice president, Regulatory Affairs, Ibrahim Dikko, to newsmen on Tuesday.

He said the CBN had given the assurance to the lenders that a quicker means of sourcing funds to reduce the effect of the unpaid loan would be made.

“But the CBN did not commit itself to any funding process that will lead to exit from the indebtedness, still the hope is renewed”, he said.

Details later…

 

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