Etisalat Is Set To Pull Out Of Nigeria In 3 WeeksEtisalat Is Set To Pull Out Of Nigeria In 3 Weeks | Touch Latest Local,World,Tech,Entertainment,Health,Sport News
25 September 2017 00:00:00 AM Breaking News

• TECHNOLOGY

Etisalat Is Set To Pull Out Of Nigeria In 3 WeeksEtisalat Is Set To Pull Out Of Nigeria In 3 Weeks

Etisalat has terminated its management agreement with its Nigerian arm and has given Etisalat Nigeria three weeks to phase out the brand in the country.

The decision of the Abu Dhabi owned telecommunications networks resulted after its $1.7 billion loan talks collapsed.

Chief executive of Etisalat International, Hatem Dowidar said on Monday that the there was no need for the brand in Nigeria after the collapse of the loan talks.

Nigerian regulators intervened last week to save Etisalat Nigeria from collapse after lenders were calling for the probe and total takeover of the company, even though in a statement issued three weeks ago the comapny claimed that it had repaid 42 per cent of the loan;

“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,” Ibrahim Dikko, vice-president, Regulatory & Corporate Affairs of Etisalat Nigeria said.

Irrespective of this, Etisalat International announced on Monday that it was pulling out after all UAE shareholders of the company have exited and left the board and management of the Nigerian brand.

Nothing has been said about how this will affect the network and its integrity as million of Nigerians are subscribed to the network.

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