Etisalat Nigeria chairman resigns after debt talks collapse -sources

PUBLISHED: Tue, 04 Jul 2017 08:18:03 GMT

LAGOS (Reuters) – The chairman of Etisalat Nigeria, Hakeem Belo-Osagie, has resigned from the telecoms company after talks to renegotiate a $1.2 billion loan collapsed, prompting a major foreign shareholder to exit the business, two company sources told Reuters.

Abu Dhabi state investment fund Mubadala said on June 23 it had pulled out of Etisalat Nigeria after the telecoms firm failed to restructure the loan with Nigerian banks.

The sources said the lenders had retained Etisalat Nigeria Chief Executive Matthew Wilshire but that discussion were ongoing on the use of the brand, whose parent company is United Arab Emirates’ Etisalat.

Etisalat Nigeria was not available to comment.

(Reporting by Chijioke Ohuocha,; Editing by Louise Heavens)

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