BREAKING: Etisalat Board Dissolved over Loan Fraud, CBN Deputy Governor Becomes Chairman

By Ihesiulo Grace 4 July 2017 17 No comment

Dangote positioned to take over Etisalat
EFCC, National Assembly Silent on Loan Fraud
Full Investigative Report to be released on Monday

The Board of Etisalat has been dissolved over the recent loan fraud that has rocked the telecommunications company.

According to reliable sources, the Chairman of the Board has been named as CBN Deputy Governor Dr. Okwu Joseph Nnanna.

Dr. OJ Nnanna is currently the Deputy Governor in charge of Financial System Stability and also overseeing the Economic Policy Directorate of CBN.

Former Deputy Managing Director of Celtel Nigeria (now Airtel Nigeria), Boye Olusanya as been named as the new CEO, and Former CFO and Executive Director of Tiger Branded Consumer Goods Company (formerly Dangote Flour Mills), Funke Ighodaro has been named as the new CFO.

They all resumed this morning.

The transition agreement was brokered with the banks by the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC), while official announcement on the interim management team is to be made by the company.

The embattled telecoms company was earlier in a logjam, with a debt of N541 billion, leading to a take-over attempt by the lender banks. Following the impasse, Mubadala Group, the major investor from the United Arab Emirates, pulled out of Nigeria’s fourth largest mobile operator, while its chairman, Keem Belo-Osagie, stepped down.

The Daily Times of Nigeria (DTN) has however called for a full investigation by the National Assembly into the loan fraud by the ex-Board of the Telecommunication giant, Etisalat.

DTN investigation has also revealed that Mr. Aliko Dangote is being positioned to take over Etisalat.

Dangote has been reported to have diversified into the telecommunications industry and has started building 14,000 kilometres of fibre optic cables to supply the whole of Nigeria.

See Picture of the New Chairman of Etisalat: