…Ex-Celtel DMD is new CEO of Etisalat Nigeria

By Emmanuel Elebeke, with agency reports

ABUJA—The Nigerian Communications Commission, NCC, said yesterday, that its intervention in the ongoing N541.8 billion Etisalat debt saga was informed by the desire to sustain the industry’s significant contribution to national GDP, employment creation and infrastructure roll-out.

This came on a day indications emerged that Deputy Managing Director of Celtel Nigeria (now Airtel Nigeria), Boye Olusanya, will be the Chief Executive Officer of Etisalat Nigeria during the transition period, as Matthew Willsher stepped down as CEO on Monday, along with the Chief Financial Officer, Olawole Obasunloye.

Similarly, Matthew Willsher, it was learned, will stay on as special adviser to the new CEO, Olusanya, as part of the “seamless transition” arrangement brokered by the NCC and the Central Bank of Nigeria, CBN, to keep the mobile network on the path to management stability.

NCC

The NCC in a statement signed by Director, Public Affairs, Tony Ojobo, noted that Etisalat and its creditors have successfully reached an amicable resolution of key issues pertaining to its indebtedness, and that a smooth transitional process was currently ongoing on mutually agreed terms.

It said: “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 is confident that the amicable resolutions reached by the parties will further strengthen Etisalat’s capacity to continue to provide services to its over 20 million 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.”

Ex-Celtel DMD is new CEO of Etisalat Nigeria

Meanwhile, indications emerged yesterday that Boye Olusanya, former Deputy Managing Director of Celtel Nigeria (now Airtel Nigeria), will be the chief executive officer of Etisalat Nigeria during the transition period.

A Deputy Governor of CBN, Joseph Nnana, will be the chairman of the board, taking over from Keem Belo-Osagie, who resigned as part of the agreement reached for a seamless transition.

Olusanya was a member of the pioneer team of Airtel in 2001 and lived through the various boardroom crises, a factor said to have contributed to his choice to manage the Etisalat affair.

Another member of the transition team is Seyi Bickersteth, the national senior partner and CEO of KPMG Professional Services Limited.

Similarly, Matthew Willsher, who resigned as CEO of Etisalat Nigeria on Monday, will stay on as special adviser to the new man, Boye Olusanya,

This is part of the “seamless transition” arrangement brokered by the Nigerian Communications Commission, NCC, and the Central Bank of Nigeria, CBN, to keep the mobile network on the path to management stability.

Meanwhile, the NCC, in a statement issued on Tuesday morning, has announced 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 terms”.

Willsher, whose contract as CEO was to expire in December 2017, will still enjoy all his benefits and help with a smooth transition process before exiting the company.

All the agreements reached at a meeting on Thursday involving the CBN, NCC, creditors and the Etisalat management have now been implemented.

Keem Belo-Osagie resigned  as chairman, as agreed, the following day, while  the CEO and CFO resigned  on Monday, paving the new for the  new CEO and CFO  to assume duties at 7.45pm same day.

In a statement signed by Tony Ojobo the NCC director of public affairs, the regulator  said the “amicable  resolutions” will also strengthen Etisalat.