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Monday, July 03, 2017

Why Hakeem Bello-Osagie resigned from Etisalat Nigeria

A new insight into why the else while chairman of Etisalat Nigeria, Mr. Hakeem Bello-Osagie resigned his position has been attributed to pressures from purported friends in the banking industry, reports ITRealms.

Information reaching ITRealms news desk, showed that the approval of a restructuring plan for the telecommunications firm.

The former chairman of the United Bank for Africa (UBA), was the remaining shareholder in the embattled mobile network operator, Etisalat Nigeria which is operated the Emerging Markets Telecommunications Services (EMTS) with some 15 per cent of the equity holding.

Etisalat is under facility burden worth $1.2 billion, about N377.4 billion loan repayment crunch involving some 13-bank consortium led by Access Bank plc.

ITRealms recalls that penultimate Thursday, the major shareholder in Etisalat Nigeria, the Emirates Telecommunications Group, proclaimed a quit on the investment with effect from June 15, this year.

Sources close to Bello-Osagie, informed ITRealms that definitely he felt betrayed by his banking folks with the manner the banks were struggling to take over Etisalat.

Chuks Egbune/GEE
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