The restructuring of a giant mobile telecommunication company, Etisalat Nigeria, by the new owners – consortium of banks – has forced its chairman, Hakeem Belo-Osagie, out.
The chairman today, Friday, announced his stepping down with immediate effect without giving any reason. Etisalat was taken over by a consortium of banks two weeks ago.
The banks, led by Access Bank PLC and other local and foreign banks have taken over the telecommunication company effective June 15.
The take-over came as a result of a futile effort by Emerging Markets Telecommunications Services (EMTS), promoted by-one time Chairman, United Bank for Africa, UBA, Hakeem Bello-Osagie, to reach agreement with the banks on debt restructuring plan in the protracted $1.72 billion (about N541.8 billion) debt impasse. [myad]
