Abu Dhabi – Mubasher: Etisalat Nigeria on Tuesday announced appointing Joseph Nnanna, the deputy governor of the Central Bank of Nigeria (CBN), as its new chairman, Reuters reported, citing a company spokesperson.

The Abu Dhabi-based telecom operator also appointed Boye Olusanya as the new CEO of its Nigerian unit, while Funke Ighodaro was appointed CFO.

The new appointments were made to save Etisalat Nigeria from collapse after its former chairman Hakeem Belo-Osagie failed to renegotiate a major loan.

Earlier on Tuesday, Reuters reported, citing sources, that Belo-Osagie had submitted his resignation after failing to renegotiate a $1.2 billion loan the firm had obtained four years ago from 13 banks.

A seven-year facility, the loan was to be used for funding the company’s network expansion and refinancing a $650 million loan, Reuters said. Following the Nigerian naira’s sharp drops, the value of the loan was “bloated”, causing Etisalat to miss payments.

Etisalat Nigeria has a 14% market share in the Nigerian mobile market, while South Africa’s MTN has a 47% market, followed by Globalcom with 20%, and Airtel with 19%.