Telecoms group, Etisalat and all UAE shareholders of Etisalat Nigeria have pulled out of the company as Etisalat International has terminated its management agreement with the Nigerian arm and given the business time to phase out the Etisalat brand in Nigeria. This disclosure was made known on Monday by the Chief Executive Officer, CEO of Etisalat International, Hatem Dowidar. Why Etisalat is pulling out of Nigeria.
The development is coming days after Boye Olusanya was named CEO of Etisalat Nigeria, after former Chairman Hakeem Belo-Osagie resigned.
Why Etisalat is pulling out of Nigeria
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According to Hatem, in a statement to Reuters, talks are ongoing to give technical support to Etisalat Nigeria, allowing them to use the brand for another three weeks before phasing it out.
The CEO of Etisalat International hinted that all UAE shareholders of Etisalat Nigeria, including state-owned investment fund Mubadala, had exited the company and left the board and management.
However, Nigerian regulators intervened last week to save Etisalat Nigeria from collapse after talks with its lenders to renegotiate a $1.2 billion loan failed.
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Recall that Etisalat, with a 45 percent stake in the Nigerian business, said in June it had been ordered to transfer its shares to a loan trustee after the talks had failed.
Incase you haven’t started thinking yet, you may want to wonder what will become of our Nigerian celebrities who are Etisalat ambassadors. What happens to them now? The likes of Simisola Ogunleye aka Simi, sultry actress, Genevieve Nnaji, popular actress and commedienne, Eniola Badmus and a host of others…what becomes of their deals?
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