Its parent company on the United Arab Emirates,  Mubadala Group, pulled out of the telco due to collapse of talks over $1.2billion loan advanced to the telco by a consortium of 13 local lennders.

A new board was midwifed by the Nigeria Communications Commission (NCC), the Central Bank of Nigeria (CBN) and the affected banks.

The board is expected to supervise a transition of the telco which has over 21million customers in the country.

A former deputy managing director of Celtel Nigeria (now Airtel Nigeria), Boye Olusanya, was appointed as the chief executive officer of Etisalat Nigeria to oversee the transition.

The board is headed by Dr. Joseph Nnanna, a Deputy Governor (Financial System Stability) at the CBN.

Calls to Director, Public Affairs at NCC, Tony Ojobo and Vice President, Corporate and Regulatory Affairs at Etisalat were not picked.