BUSINESS $547m debt: Etisalat, creditors reach amicable resolution – NCC

The Nigerian Communications Commission (NCC) has said Etisalat Nigeria and its creditors have reached an amicable resolution of key issues pertaining to its $547 million indebtedness.

The commission, in a statement in Abuja yesterday, also said it was confident that the smooth transition process that was currently ongoing on mutually agreed terms would be successful.

The statement, signed by NCC’s Director of Public Affairs, Tony Ojobo, said the commission was confident that the amicable resolutions reached by the parties would 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.

Ojobo said: “The commission is pleased to note 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.”

Meanwhile, Etisalat Nigeria yesterday confirmed that as a result of the on-going restructuring efforts, a new board has been constituted.

It comprises of Dr. Joseph Nnanna - Chairman, Mr. Oluseyi Bickersteth, Mr. Ken Igbokwe, Mr. Boye Olusanya and Mrs. Funke Ighodaro, according to a statement from the company.

It said Mr. Boye Olusanya had been confirmed as chief executive officer, to replace Mr. Matthew Willsher, while Mrs. Funke Ighodaro takes over from Mr. Olawole Obasunloye as chief finance officer.