This is really a sad news to all Etisalat Nigeria users and admirers, as the telecos has been given just 3 weeks to phase out the brand name in the country.
Due to the inability of Etisalat NG to pay up or rather still, negotiate on the $1.7 billion loan, her parent company (Etisalat Group) has terminated its management agreement with them. Etisalat Nigeria was also given just three weeks to phase out the brand in the country.
NCC and other Nigerian regulators stepped in to save Etisalat Nigeria from bankruptcy, after Zenith Bank, GT Bank, First Bank, UBA, Fidelity Bank, Access Bank, Ecobank, FCMB, Stanbic IBTC Bank, Union Bank and other lenders were calling for the probe and total takeover of the company. Yet, on Monday, Etisalat Group announced that it was pulling out after all UAE shareholders of the company have exited and left the board and management of the Nigerian brand.
Etisalat Nigeria have only 3 weeks to use the brand name, and then change it to something else or sell it off to other telcos. Now with rumours emerging that Globacom wants to acquire Etisalat NG, I think that's best for the affected company and it's 18million subscribers. What a sad exit.
Due to the inability of Etisalat NG to pay up or rather still, negotiate on the $1.7 billion loan, her parent company (Etisalat Group) has terminated its management agreement with them. Etisalat Nigeria was also given just three weeks to phase out the brand in the country.
NCC and other Nigerian regulators stepped in to save Etisalat Nigeria from bankruptcy, after Zenith Bank, GT Bank, First Bank, UBA, Fidelity Bank, Access Bank, Ecobank, FCMB, Stanbic IBTC Bank, Union Bank and other lenders were calling for the probe and total takeover of the company. Yet, on Monday, Etisalat Group announced that it was pulling out after all UAE shareholders of the company have exited and left the board and management of the Nigerian brand.
Etisalat Nigeria have only 3 weeks to use the brand name, and then change it to something else or sell it off to other telcos. Now with rumours emerging that Globacom wants to acquire Etisalat NG, I think that's best for the affected company and it's 18million subscribers. What a sad exit.
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ReplyDeleteSo etisalat will just go like BlackBerry
ReplyDeleteBad o! This is not good.
ReplyDeleteLet them go! They're useless to me
ReplyDeleteThe loan was gotten when our economy was fine. But it's recession period now, and it's time for pay back.
ReplyDeleteWhat a pity.