Etisalat Nigeria to set up new board after regulators intervene -source

LAGOS

Etisalat Nigeria will appoint a new board of directors after lenders moved to foreclose following a collapse in debt renegotiation talks, forcing regulators to intervene to save the company, a telecoms regulatory source told Reuters.

The new board will have a central bank official as interim chairman and Boye Olusanya, a former deputy head at Celtel Nigeria, as new chief executive.

The new interim board made up of six members will operate for six months and will include a member representing shareholders, the source said.