The new 7-member board currently in the management of Etisalat Nigeria have only six months to resolve the huge debt brouhaha tied on the telecom company’s neck before a decisions on whether it would be merged with another company or faces an outright sale.
Etisalat Nigeria, one of the country’s top four telecom operators has been battling with a consortium of 13 Nigerian and foreign banks which the telecom firm owes a $1.2 billion loan facility following its notification to the banks of its inability to clear the debt, attributing its failure to Nigeria’s forex problems.
That has actually been resolved but all thanks to the quick intervention of their regulators which are the Central Bank of Nigeria (CBN) and Nigerian Communications Commission(NCC).
The previous board in charge was dissolved (except for the seat of Aliko Dangote) and new appointees are now on the driving seat. Recall that the CEO of the company, Matthew Willsher and the CFO, Olawole Olasunloye, honourably left to avoid sack.
According to a Guardian report, the banks have four seats on the board, one representative of the government and the remaining two seat for the shareholders of Etisalat. The banks have the highest owing to the fact that they are the one being owed.
Knowledgeable and reliable sources says that the new management has just six months to work out some magic, in order to enable Etisalat settle the debt or risked being put up for sale or merged with another company.