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Etisalat brand to be phased out of Nigeria within three weeks

Etisalat brand to be phased out of Nigeria within three weeks

Etisalat Group has announced it has given the new owners of Etisalat Nigeria up to three weeks to phase out the brand in the West African country adding that it has terminated a management agreement with its Nigerian arm.

CEO of Etisalat International Hatem Dowidar told Reuters on Monday that all UAE shareholders of Etisalat Nigeria, including state-owned investment fund Mubadala, had exited the company and the group is not part of the new management of Etisalat Nigeria.

Reuters quoted Dowidar as saying, "There's a new board and we are not part of that company. We have sent our termination letter for the management agreement."

Emerging Markets Telecommunication Services Ltd (EMTS), trading as Etisalat Nigeria, said in a statement that it still has a valid and subsisting agreement with the Etisalat Group, which entitles EMTS to use the Etisalat brand, notwithstanding the recent changes within the Company.

"Discussions are ongoing between EMTS and Etisalat Group pertaining to the continued use of the brand, and EMTS will issue a formal statement once discussions are concluded. The final outcome on the use of the brand in no way affects the operations of the business as our full range of services remain available to our customers," said Ibrahim Dikko, Vice President, Corporate Affairs at Etisalat Nigeria.

Etisalat also confirmed the resignation of its chairman Hakeem Bello-Osagie and other board members prompting the announcement of a new board chaired by Dr. Joseph Nnanna.

The company said the appointment of the new board was approved by the Consortium of Lenders, NCC and the Central Bank of Nigeria who it said are committed to on-going efforts to restructure the company towards a path of long-term success.

Recently, the Nigerian Communications Commission (NCC) announced that an amicable resolution has been reached by the telco and its creditors.

Tony Ojobo, the Regulator's director of public affairs, said with this development, the various parties have been able to allay the industry's fears regarding the fate of the company, allowing Etisalat to focus on strengthening its capacity to continue to provide services to its over 20 million customers, and fulfill all of its obligations.

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