Monday, 10 July 2017

Etisalat pulls out of Nigeria after loan talks collapse

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.
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.
.
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