A few weeks ago, Mubadala Group, the major investor from the United Arab Emirates, pulled out of Nigeria’s fourth largest mobile operator, due to a N541 billion debt.
On July 4, 2017, a new board was appointed at Etisalat Nigeria, to handle the smooth transition of the telecommunications company after a reallocation of shares.
Hatem Dowidar, chief executive of Etisalat International, said the company, with a 45 percent stake in the Nigerian business, said it was giving the Nigerian telcom a few weeks to phase out the brand.
Emerging Markets Telecommunication Services Ltd. (EMTS), trading as Etisalat Nigeria, had said “discussions are ongoing between EMTS and Etisalat Group pertaining to the continued use of the brand, and EMTS will issue a formal statement once discussions are concluded”.
Boye Olusanya, former deputy managing director of Celtel Nigeria (now Airtel Nigeria), was appointed as the chief executive officer of Etisalat Nigeria to over see the transition.
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TheCable understands that Olusanya was appointed to oversee the transition of the company due to his experience in the smooth transition of Celtel to Airtel.
The transition of the telcom, with 21 million subscribers, was brokered with the aid of the Central Bank of NIgeria (CBN) and National Communications Commission (NCC).
NCC has warned the creditors that the licence awarded to Etisalat Nigeria is not transferable, effectively stopping the banks from taking ownership of the company.
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