ABU Dhabi’s Etisalat, a network provider in Nigeria, 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.
Although Nigerian regulators intervened last week to save Etisalat Nigeria from collapse after talks with its lenders to renegotiate a $1.2 billion loan, it was futile.
According to Hatem Dowidar in an interview, all United Arab Emirates (UAE) shareholders of Etisalat Nigeria have exited the company and have left the board and management.
He said discussions were ongoing with Etisalat Nigeria to provide technical support, adding that it could use the brand for another three-weeks before phasing it out. – Reuters/News Express