Etisalat Nigeria has been renamed and is now to be called 9Mobile. The name change follows the pullout of Mubadala Group, Etisalat’s major investor fr
Etisalat Nigeria has been renamed and is now to be called 9Mobile. The name change follows the pullout of Mubadala Group, Etisalat’s major investor from the United Arab Emirates, over a $1.7bn (N541bn) debt.
Recall that after terminating its management agreement with its Nigerian arm, the Abu Dhabi owned telecommunications company gave Etisalat Nigeria three weeks to phase out the brand in the country. Chief executive of Etisalat International, Hatem Dowidar said that the there was no need for the brand in Nigeria after the collapse of the loan talks.
Nigerian regulators had intervened two weeks ago to save Etisalat Nigeria from collapse after lenders were calling for the probe and total takeover of the company even as Etisalat Nigeria claimed it had repaid 42 per cent of the loan. However, Etisalat International decided that it was pulling out after all UAE shareholders of the company have exited and left the board and management of the Nigerian brand.
Dowidar said discussions were ongoing with Etisalat Nigeria to provide technical support, adding that it can use the brand for another three-weeks before phasing it out. The company has implored its subscribers no to panic over the developments that has plagued it in the last few weeks. The Nigerian Telecommunications Commission (NCC) had also, earlier assured that the network’s integrity would not be compromised amid the loan disagreements.
Details unfolding …
