Etisalat gives timeline on resolution of debts to banks, restructuring
The new management team at Etisalat Nigeria has given a timeline of between three to six months to resolve the lingering multi-million-dollar debt the telecoms company owed 13 Nigerian banks and restructure the firm under new owners.
This is the latest in a series of efforts by Nigerian shareholders of Etisalat to save the company from imminent collapse or total takeover by the creditor commercial banks.
On Tuesday, the Central Bank of Nigeria (CBN) appointed Joseph Nnanna, one of its deputy governors, as Etisalat’s new chairman, while Boye Olusanya who has had industry experience was brought in to serve as chief executive officer (CEO). Funke Ighodaro was appointed chief financial officer (CFO).
The new management team came on board following the resignation of Matthew Willsher, as CEO Monday, July 3, 2017.
This is the first time the CBN is sending one of its top officials as chairman into a non-financial institution in which a business deal between creditors and debtors had gone sour.