GC Posted On: Mar 16, 2019

The chairman of Etisalat Nigeria, Hakeem Belo-Osagie, has stepped down following the restructuring of the telecommunication company.

His resignation is effective immediately.

Etisalat was taken over by a consortium of banks two weeks ago.

The banks, led by Access Bank PLC and other local and foreign banks have taken over the telecommunication company effective June 15.

The take-over came as a result of a futile effort by Emerging Markets Telecommunications Services, EMTS, promoted by-one time Chairman, United Bank for Africa, UBA, Hakeem Bello-Osagie, to reach agreement with the banks on debt restructuring plan in the protracted $1.72 billion (about N541.8 billion) debt impasse.

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