ETISALAT TO BECOME 9MOBILE...WOW!!!
Etisalat Nigeria is now set to change its brand name to
9Mobile.
It was gathered that an announcement to the effect
will be made soon.
Etisalat had terminated a management agreement with its
Nigerian arm and will phase out the brand in three weeks.
Reuters reported that the Chief Executive of Etisalat
International, Hatem Dowidar, said the company with a
45% in the Nigerian business, is transfering its shares to a
loan trustee after the talks had failed.
Dowidar also confirmed that all UAE shareholders of
Etisalat Nigeria, including state-owned investment fund
Mubadala, have left the company.
“There’s a new board and we are not part of that company.
We have sent our termination letter for the management
agreement,” he said.
When asked if the company will return to the country
anytime soon, Dowidar replied: “the train has left the
station on that one. Being in that market as an investor …
are we willing to risk more money compared to the reward
for the long-term?
“(Nigerian) lenders may try to continue to operate the
company until they find a buyer (or) they may merge the
company with the existing players in Nigeria, he said,
adding that it was tough to say what lenders would do.
“The brand agreement in either of these two scenarios
won’t be a long-term thing, so we take out the brand; in the
long term Etisalat won’t be in Nigeria.”
9Mobile.
It was gathered that an announcement to the effect
will be made soon.
Etisalat had terminated a management agreement with its
Nigerian arm and will phase out the brand in three weeks.
Reuters reported that the Chief Executive of Etisalat
International, Hatem Dowidar, said the company with a
45% in the Nigerian business, is transfering its shares to a
loan trustee after the talks had failed.
Dowidar also confirmed that all UAE shareholders of
Etisalat Nigeria, including state-owned investment fund
Mubadala, have left the company.
“There’s a new board and we are not part of that company.
We have sent our termination letter for the management
agreement,” he said.
When asked if the company will return to the country
anytime soon, Dowidar replied: “the train has left the
station on that one. Being in that market as an investor …
are we willing to risk more money compared to the reward
for the long-term?
“(Nigerian) lenders may try to continue to operate the
company until they find a buyer (or) they may merge the
company with the existing players in Nigeria, he said,
adding that it was tough to say what lenders would do.
“The brand agreement in either of these two scenarios
won’t be a long-term thing, so we take out the brand; in the
long term Etisalat won’t be in Nigeria.”
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