Etisalat Directors Resign In ‘An Attempt To Absolve Themselves’

Foreign directors from Abu Dhabi Etisalat and Mubadala Development Company have resigned from the local unit, Etisalat. Affected directors were said to have tendered their resignation except the chairman of the company Hakeem Belo-Osagie. This was done in an attempt to absolve themselves from the debt burden of Etisalat telecommunications company. There are concerns that their resignation might be challenged by local lenders trying to recover their loans from the telecommunication company. As quoted by ThisDay, a source from one of the affected lenders, said: “Yes, they resigned because they are trying to absolve themselves of the loans they have left behind. But they cannot run away because they had used a company registered in the Netherlands where they are directors to guarantee the loans, so they will still be held liable should Etisalat Nigeria fail to repay the loans to the banks,” he said. Further more, it has been revealed that the company’s chief Financial Officer, CFO appointed by Mubadala has been allegedly accused of engaging in unusual Forex trading using the proceeds of tower sales to IHS Towers. Shareholder groups are insisting that Etisalat must settle its accumulated debts to banks it owes, so that lenders can pay dividends to their shareholders. Photo Credit: Getty