The resignation is effective immediately, according to an insider source.

“Although the chairman had planned to leave immediately the banks made the take-over move, he opted to tarry until a road map for the company was finalised. The timing of the resignation was strategically delayed till now when stakeholders have agreed a plan and come more than a week after Mubadala Development Company directors tendered their resignation. The development also reflects

“The development also reflects Mr. Bello-Osagie’s deep commitment to protecting the interest of all stakeholders. It is now expected that Etisalat Nigeria under its new shareholding structure will navigate through its current loan repayment challenge with minimum impact,” the source added.

“Over the last several months, the chairman has worked extensively with critical stakeholders to prepare clearly articulated strategies and robust road maps that will mitigate the impact of the new shareholding restructuring and realignment on the operations and management of the 4th largest telecoms player in Nigeria.”

With this development, the new board will assume control of Etisalat.

This is coming following interventions, which have been roundly applauded, from regulatory agencies, including the Nigeria Communications commission and Central Bank of Nigeria and other stakeholders to ensure that the best decisions are taken in the interest of the subscribers, employees and the Nigerian economy.

“Further announcements on the composition of the new board are expected from the stakeholders,” the source added.