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Etisalat Pulls Out Its Brand From Nigeria

Posted: 12 July, 2017 at 08:47 am
Etisalat Pulls Out Its Brand From Nigeria
Etisalat Pulls Out Its Brand From Nigeria Photo 1

Etisalat has brought to an end its management agreement with its Nigerian brand and has given Etisalat Nigeria three weeks to redraw the brand in the country.

This was made known by the Chief executive of Etisalat International, Hatem Dowidar said on Monday that there was no need for the brand in Nigeria after several banks took over the company over 1.2 billion debt .

In a disclosed report, Nigerian regulators moved in to save Etisalat Nigeria from collapse after talks with its lenders to renegotiate a $1.2 billion loan failed.

Etisalat Nigeria claimed that it had repaid 42 percent of it's loan in a statement released three weeks ago.

“As at today, we can categorically state that the outstanding loan sum to the consortium(of banks) stands at $227m and N113bn, a total of about $574m if the naira portion is converted to US Dollars. This in essence means almost half of the original loan of $1.2bn, has been repaid.

“Etisalat continued to service the loan up until February 2017, when discussions with the banks regarding the repayment restructuring commenced,”

The Nigerian Telecommunications Commission (NCC) last month assured that the network's integrity would not be compromised amid the loan disagreements.

This was made known by the Director, Public Affairs of NCC, Mr. Tony Ojobo.

According to him, the NCC with the Central Bank of Nigeria (CBN), has made the situation easier by holding several meetings with the banks and Etisalat.

“Regrettably, these meetings did not yield the desired results. “The NCC wishes to reassure about 21 million Etisalat subscribers that it will do all within its regulatory power to ensure that Etisalat subscribers continue to enjoy the services provided by the operator.

“The commission has taken proactive steps to cushion the impact of the takeover; this is without prejudice to the ongoing effort between Etisalat and the banks toward a negotiated settlement.

“NCC wishes to reassure all stakeholders in the telecommunications sector, in particular the subscribers on the Etisalat network, that it will ensure that the integrity of the network is not compromised.''

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