Belo-Osagie steps down as Etisalat Chairman

The Chairman of Etisalat Nigeria, Hakeem Belo-Osagie, has resigned his appointment.
This followed the approval of a restructuring plan for the telecommunications firm.
The resignation is with immediate effect.
Although the chairman had planned to leave immediately the banks made the take-over move, a statement on Friday said he opted to tarry until a road map for the company was finalised.
The statement said the timing of the resignation was strategically delayed till now when stakeholders have agreed on a plan and comes more than a week after Mubadala Development Company directors tendered their resignation.
The development is also said to reflect Belo-Osagie’s deep commitment to protecting the interest of all stakeholders.
With this development, the new board will assume control of Etisalat.
This is coming following interventions, which have been roundly applauded, from regulatory agencies, including the Nigeria Communications commission and Central Bank of Nigeria, and other stakeholders to ensure that the best decisions are taken in the interest of the subscribers, employees and the Nigerian economy.
The statement by the company said further announcements on the composition of the new board are expected from the stakeholders.