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Etisalat Nigeria has announced the appointment of a new board of directors following the resignation of the company’s key personnel over the $1.2 billion debt owed to Nigerian banks.

The appointments came after the Central Bank of Nigeria and Nigerian Communications Commission announced last week that they will intervene in the ongoing loan dispute between Etisalat Nigeria and a consortium of Nigerian banks.

The telecoms company said Boye Olusanya, a former Deputy CEO of Celtel Nigeria (now Airtel Nigeria), will take over as Managing Director/CEO, while Joseph Nnanna, the Deputy Governor, Financial System Stability at the CBN, will become Chairman of the Board of Directors. Funke Ighodaro, a former Chief Financial Officer of Tiger Brands, will serve as Etisalat Nigeria’s new Chief Financial Officer

The new board will replace the previous one led by Hakeem Bello Osagie, who has since resigned as part of an agreement reached with the regulators. On Monday, Matthew Willsher also stepped down as CEO along with Olawole Obasunloye, the Chief Financial Officer.

Etisalat Nigeria has been enmeshed in a crisis since the company defaulted on a $1.2 billion loan obtained from Nigerian banks to rehabilitate and expand its network.

Last month Etisalat Group announced that Nigerian banks had instructed the Abu Dhabi-based telecoms company to hand over its 45 percent stake in Etisalat Nigeria after debt restructuring talks.

Following the share transfer request, Etisalat Group said it will pull out of Nigeria given that its operations in the country accounted for about 3.5 percent of the group’s total revenue. The group subsequently withdraw all its directors from Etisalat Nigeria. Mubadala, which owns 40 percent of Etisalat Nigeria, also pulled out of the country and withdrew its directors.

The Nigerian Banks involved in the loan deal include: Zenith Bank, GT Bank, First Bank, UBA, Fidelity Bank, Access Bank, Ecobank, FCMB, Stanbic IBTC Bank, and Union Bank.