The Chairman of Emerging Markets Telecommunication Services Limited (EMTS) operating Etisalat Nigeria, Hakeem Bello-Osagie, has resigned, and a source has disclosed why the boss is stepping down.
The source closed to the matter disclosed on Friday that the Chairman is resigning following the approval of a restructuring plan for the embattled telecoms firm by its management board.
“Although the chairman had planned to leave immediately the banks made the take-over move, he opted to tarry until a road map for the company was finalised.
“The timing of the resignation was strategically delayed till now when stakeholders have agreed a plan.
“The development also reflects Mr. Bello-Osagie’s deep commitment to protecting the interest of all stakeholders. It is now expected that Etisalat Nigeria under its new shareholding structure will navigate through its current loan repayment challenge with minimum impact.
“Over the last several months, the chairman has worked extensively with critical stakeholders to prepare clearly articulated strategies and robust road maps that will mitigate the impact of the new shareholding restructuring and realignment on the operations and management of the 4th largest telecoms player in Nigeria,” disclosed the source.
With this development, the new board will assume control of Etisalat.
“Further announcements on the composition of the new board are expected from the stakeholders,” the source said.