So i’m guessing you’re not unaware of the very recent drama that has soiled the name of the 4th largest telecom company in Nigeria, where they were said to be owing loans to about four Nigerian banks. This had triggered a takeover by the bank, though they would have to follow due process, accroding to NCC. The company had also been reported to have pulled out of the Nigerian market.
While the above is no more news, the news now is that the chairman of Etisalat Nigeria has resigned his post. Hakeem Bello Osagie has tendered his resignation as the chairman of the Nigerian wing of the telecommunication company. This development comes with immediate effect.
Truly, it is no hidden fact that the resignation is connected with the ongoing N541billion loan recovery and bank take-over blow the company has been dealt in recent times.
According to a report, “Although the chairman had planned to leave immediately the banks made the take-over move, he opted to tarry until a road map for the company was finalised. The timing of the resignation was strategically delayed till now when stakeholders have agreed a plan and comes more than a week after Mubadala Development Company directors tendered their resignation,”.
Indications point to the fact that the resignation of these shareholders, including Bello-Osagie’s is to simplify the loan repayment and absolve the individuals of any criminality should the case get to court. “It is now expected that Etisalat Nigeria under its new shareholding structure will navigate through its current loan repayment challenge with minimum impact.”
Well, it is very hard to say if this is supposed to be the next move by the company’s chairman, but then, we must also applaud the move. In a country where resigning from a leadership post seems like a big deal for some leaders, Hakeem Bello Osagie has done this to savage his company. I think it is a very great move.