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Published On: Thu, Jul 6th, 2017

Multi-million Dollar Debt: Etisalat Gives Timeline

A timeline of between three to six months has been given by the company’s new managers to resolve the lingering multi-million-dollar debt of the telecom company to 13 Nigerian banks and restructure the firm under new owners.

This is the latest in a series of efforts by Nigerian shareholders of Etisalat to save the telco from collapsing or total takeover by creditor commercial banks.

On Tuesday, the Central Bank of Nigeria (CBN) appointed a Deputy Governor, Dr Joseph Nnanna as Etisalat’s new chairman, Boye Olusanya was brought to the table as CEO, while the Chief Financial officer is Funke Ighodaro.

This is the first time the CBN is sending one of its top officials as chairman into a non-financial institution in which a business deal between creditors and debtors had gone sour.

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