The Chairman of Etisalat Nigeria, Hakeem Belo-Osagie, has stepped down following the restructuring of the telecommunications company. His resignation is with immediate effective and came on the heels of mass resignation of Directors of the telecom giant in what may termed a face-saving measure to evade arrest and prosecution . Belo-Osagie was said to have resigned on the advice of his lawyers who feared an imminent probe of the books of the telecom giant.

Etisalat was taken over by a consortium of banks two weeks ago over its inability to service loans advanced to it by a consortium of banks. But the Nigerian Communications Commission, NCC, says the NCC Act 2003 bars anybody from taking over any telecom firm as no telecom licence is transferrable. An effective take-over can only be guaranteed if the regulator gives vent to it.

The banks, led by Access Bank PLC and other local and foreign banks have taken over the telecommunication company effective June 15.

The take-over came as a result of a futile effort by Emerging Markets Telecommunications Services, EMTS, promoted by-one time Chairman, United Bank for Africa, UBA, Hakeem Bello-Osagie, to reach agreement with the banks on debt restructuring plan in the protracted $1.72 billion (about N541.8 billion) debt impasse.

Etisalat, inside sources said, never made a breakthrough leading to declaring of profit since it started. An Executive Director in the telco once told our reporter last year that Etisalat may look good on the outside, but it had never broken even as to declare profit. Their problem was compounded by the harsh economic climate in the country with high cost of procurement of forex. This hampered many the activities of many telcos who never enjoyed any waiver or concession in forex procurement.