Troubled mobile operator Etisalat Nigeria has gota new chairman. He is Central Bank of Nigeria
(CBN) Deputy Governor Dr. Joseph Nnanna.
In a statement, the firm also announced Mr Boye
Olusanya, a former Deputy Managing Director of
Celtel Nigeria (now Airtel Nigeria) as its Chief
Executive Officer (CEO).
Other board members were listed after a deal
between the firm and the consortium of 13
banks that lent the company $1.2b about five
years ago.
Mr. Boye Olusanya is Managing Director/CEO.
He is a former Deputy Chief Executive Officer
and Acting Chief Executive Officer, Econet
Wireless. When the telco metamorphosed to
Celtel Nigeria Limited, Olusanya assumed the
role of Deputy Chief Executive Officer and led
the business strategy initiative for data services
as well as key strategic operational changes.
Olusanya, who replaces Mathew Wilshere,
handled high level responsibilities at Dangote
Industries Limited where he served as Chief
Business Transformation Officer responsible for
management of all enterprise-wide projects in
the Group.
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He was also the CEO at Dancom Technologies
Limited with responsibility for managing all the
telecom assets and the IT infrastructure.
Sources said Wilshere will still stay around to
contribute his wealth of experience to the
stability of the telco. He is expected to be
around till December when his contract expires.
The Executive Director, Finance, is Mrs. Funke
Ighodaro, a former Chief Financial Officer of
Tiger Brands Limited, she also held the position
of Chief Financial Officer of Primedia (Pty) Ltd,
and was Managing Director of a private equity
firm, Kagiso Ventures Limited and Executive
Director of its parent company, Kagiso Trust
Investment Company.
The National Senior Partner, KPMG Professional
Services, Nigeria, Mr. Oluseyi Bickersteth, was
appointed as Non-Executive Director of the
board.
Another Non-Executive Director of the board is
Mr. Ken Igbokwe who joined Price Waterhouse in
London in 1978 and moved to PwC Nigeria in
- He became the Country Business
Executive Leader of PwC Nigeria and West Africa
and was a member of the PwC Africa Executive
Committee.
In a statement yesterday, The Nigerian
Communications Commission (NCC) said all the
parties involved in the dispute over Etisalat’s
indebtedness had come to terms.
This, it said, is to save the company, prevent
assets stripping and the jobs of over 4,000
workers.
The NCC’s statement by its Director of Public
Affairs, Tony Ojobo, announced that “a smooth
transitional process is currently ongoing on
mutually agreed terms”.
Though the NCC did not disclose the terms of
the agreement, it assured Etisalat’s 20 million
subscribers of the integrity of its network across
the country.
The statement said: “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 are pleased 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”.
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