The Central Bank of Nigeria has officially taken over Etisalat which failed to pay up a debt of $1.2 billion owed a consortium of 13 banks.
Consequently, the CBN has sent its Deputy Governor, Joseph Nnanna to Etisalat as its new Chairman.
The CEO is Boye Olusanya, while Funke Ighodaro will be the Chief Financial officer.
This latest move is the latest to save the firm from total collapse and restore confidence of foreign investors in the industry.
The board of Etisalat and its Chairman, Hakeem Belo-Osagie resigned last week.