In a new development, Abu Dhabi’s Etisalat is pulling out of Nigeria after an intervention by
Nigerian regulators to save Etisalat Nigeria failed. All UAE
shareholders of Etisalat Nigerian have left the board and management of
the company.
The discussions are ongoing between the UAE
shareholders and Etisalat Nigeria to provide technical support. Etisalat
Nigeria is allowed to keep using the Etisalat brand but only for the
next three weeks before it is phased out.
Below is how Reuters is reporting it:
Abu
Dhabi’s Etisalat has terminated its management agreement with its
Nigerian arm and given the business time to phase out the brand in
Nigeria, the chief executive of Etisalat International told Reuters on Monday.
Nigerian
regulators intervened last week to save Etisalat Nigeria from collapse
after talks with its lenders to renegotiate a $1.2 billion loan failed.
All
UAE shareholders of Etisalat Nigeria have exited the company and have
left the board and management, Hatem Dowidar said in an interview.
He
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.