The Chairman of Etisalat Nigeria Limited, Hakeem Bello-Osagie, has resigned his position amidst the $1.2billion debt crisis facing the company.
According to an official statement from the company the resignation followed “the approval of a restructuring plan for the telecommunications firm” and takes effect immediately.
Bello-Osagie is the only surviving shareholder in the telecoms firm after six other directors turned in their resignation letters earlier in the week.
He was the promoter of Emerging Markets Telecommunications Services (EMTS) which controlled 15 per cent of the equity holding of the company
His resignation followed the earlier resignation of other directors and the withdrawal of the company’s major shareholder, Emirates Telecommunications Group Company, which announced the decision to quit effective June 15, 2017.
The Emirates Telecoms Group Company made the disclosure on the Abu Dhabi Stock Exchange that it was transferring 45 per cent of its stake and 25 per cent of its preference shares in its Nigerian subsidiary to United Capital Trustees Limited, the legal representative of the lending banks.
Other shareholders of Etisalat Nigeria include Mubadala Development Company with a 40 per cent stake and Emerging Markets Telecommunications Services (EMTS), representing the Nigerian shareholders, with 15 per cent.