Hakeem Bello-Osagie, 62 has resigned his appointment as Chairman of telco, Etisalat following the approval of a ‘restructuring’ plan for the firm. The resignation takes effect immediately and is connected with the ongoing N541billion loan recovery and bank take-over blow the company has been dealt in recent times.
“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 and comes more than a week after Mubadala Development Company directors tendered their resignation,” reports reveal. Indications point to the fact that the resignation of these shareholders, including Bello-Osagie’s is to simplify the loan repayment and absolve the individuals of any criminality should the case get to court. “It is now expected that Etisalat Nigeria under its new shareholding structure will navigate through its current loan repayment challenge with minimum impact.”
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