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.