The Nigerian Communications Commission says Etisalat and consortium banks have successfully reached a resolution on the $1.2bn indebtedness.
The NCC made this known on Tuesday in a statement signed by the Director, Public Affairs, Mr Tony Ojobo, adding that a smooth transitional process was currently ongoing on mutually agreed terms.
Ojobo observed that an amicable resolution would allay the fears of stakeholders on enquiries regarding the current position on Etisalat Nigeria.
“This is regardless of any changes that the parties have agreed to Etisalat’s ownership, its board and/or 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.
“This is to ensure that the Nigerian telecommunications industry remains capable of playing its critical role as a key driver of national socioeconomic development,” he said.
“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 20 million customers,” Ojobo said.
Meanwhile, the Deputy Governor of the Central Bank of Nigeria, Joseph Nnanna, has been appointed the new Chairman of Etisalat Nigeria, and will henceforth lead the company’s new Board of Directors.
Also appointed to the board of Etisalat Nigeria are Mr. Oluseyi Bickersteth, Mr. Ken Igbokwe, Mr. Boye Olusanya and Mrs. Funke Ighodaro.
While Bickersteth and Igbokwe will act as non-executive directors, Olusanya assumes office as the Chief Executive Officer to replace Mr. Matthew Willsher; and Ighodaro takes over from Mr. Olawole Obasunloye as the Chief Finance Officer.