Etisalat agrees with bank over payment method

Troubled mobile operator Etisalat Nigeria has got

a new chairman. He is Central Bank of Nigeria

(CBN) Deputy Governor Dr. Joseph Nnanna.

In a statement, the firm also announced Mr Boye

Olusanya, a former Deputy Managing Director of

Celtel Nigeria (now Airtel Nigeria) as its Chief

Executive Officer (CEO).

Other board members were listed after a deal

between the firm and the consortium of 13

banks that lent the company $1.2b about five

years ago.

Mr. Boye Olusanya is Managing Director/CEO.

He is a former Deputy Chief Executive Officer

and Acting Chief Executive Officer, Econet

Wireless. When the telco metamorphosed to

Celtel Nigeria Limited, Olusanya assumed the

role of Deputy Chief Executive Officer and led

the business strategy initiative for data services

as well as key strategic operational changes.

Olusanya, who replaces Mathew Wilshere,

handled high level responsibilities at Dangote

Industries Limited where he served as Chief

Business Transformation Officer responsible for

management of all enterprise-wide projects in

the Group.

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He was also the CEO at Dancom Technologies
Limited with responsibility for managing all the

telecom assets and the IT infrastructure.

Sources said Wilshere will still stay around to

contribute his wealth of experience to the

stability of the telco. He is expected to be

around till December when his contract expires.

The Executive Director, Finance, is Mrs. Funke

Ighodaro, a former Chief Financial Officer of

Tiger Brands Limited, she also held the position

of Chief Financial Officer of Primedia (Pty) Ltd,

and was Managing Director of a private equity

firm, Kagiso Ventures Limited and Executive

Director of its parent company, Kagiso Trust

Investment Company.

The National Senior Partner, KPMG Professional

Services, Nigeria, Mr. Oluseyi Bickersteth, was

appointed as Non-Executive Director of the


Another Non-Executive Director of the board is

Mr. Ken Igbokwe who joined Price Waterhouse in

London in 1978 and moved to PwC Nigeria in

  1. He became the Country Business

Executive Leader of PwC Nigeria and West Africa

and was a member of the PwC Africa Executive


In a statement yesterday, The Nigerian

Communications Commission (NCC) said all the

parties involved in the dispute over Etisalat’s

indebtedness had come to terms.

This, it said, is to save the company, prevent

assets stripping and the jobs of over 4,000


The NCC’s statement by its Director of Public

Affairs, Tony Ojobo, announced that “a smooth

transitional process is currently ongoing on

mutually agreed terms”.

Though the NCC did not disclose the terms of

the agreement, it assured Etisalat’s 20 million

subscribers of the integrity of its network across

the country.

The statement said: “Following our Press

Release of June 20, 2017 on the above, and in

response to stakeholder enquiries regarding the

current position on Etisalat Nigeria, the Nigerian

Communications Commission (NCC) wishes to

state as follows:

“The Commission is pleased to note that Etisalat

and its creditors have successfully reached an

amicable resolution of key issues pertaining to

its indebtedness, and that a smooth transitional

process is currently ongoing on mutually agreed


“The Commission is confident that the amicable

resolutions reached by the parties will further

strengthen Etisalat’s capacity to continue to

provide services to its over 20million customers

and to fulfil its obligations to its other

stakeholders as a going concern, regardless of

any changes that the parties have agreed to

Etisalat’s Ownership, its Board and/or its

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 to ensure that the

Nigerian telecommunications industry remains

capable of playing its critical role as a key driver

of national socio-economic development. NCC is

mindful of the need to sustain the industry’s

significant contribution to National GDP,

employment and infrastructure roll-out at all

times. The Commission’s intervention in the

matter was informed by these considerations,

and we are pleased at the success of the

ongoing process.

“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 20million


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