The Nigerian Communications Commission, (NCC) on Tuesday, declared its support for the new management and board of embattled telephone operator, Etisalat Nigeria, currently trying to restructure its operations.
NCC’s support came shortly after a new board of the company was inaugurated on Tuesday, with Dr Joseph Nnanna, a deputy governor at the Central Bank of Nigeria as its new chairman.
Mr. Nnanna succeeds Hakeem Bello-Osagie, who was the only surviving shareholder after the June 15 withdrawal of the major shareholder, Emirates Telecommunications Group Company, from the company.
Dr. Nnanna is an economist and a former staff of the Central Bank of Nigeria. He has over three decades of post qualification professional experience, having attended William Paterson University in Wayne, New Jersey and University of Houston, in Texas, USA from 1975-80, where he read Finance, Public Policy and Economics.
The Emirates Group, also known as Etisalat Group, is represented by its affiliate, Mubadala Development Company, a United Arab Emirate, (UAE), development firm.
Mr. Bello-Osagie, the promoter of Emerging Markets Telecommunications Services, (EMTS), which controlled 15 per cent of the equity holding of the company, resigned on Friday in the wake of the deepening debt crisis with a consortium of banks.