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Tuesday, 11 July 2017

Etisalat set to Leave Nigeria


etisalat

One of the telecommunications giants,Etisalat has withdrawn from Nigeria,said Hatem Dowidar,its CEO.

They have just three weeks ultimatum to stop using the brand name and their sudden withdrawal may be linked to their indebtedness to bank loans.

The Nigerian Communication commission (NCC) and the Central Bank of Nigeria (CBN) last week intervened to save "Etisalat Nigeria" from collapse following the earlier failure of conversing with bankers to re-negotiate a $1.2 billion loan.

Dowidar said all United Arab Emirates (UAE) shareholders of Etisalat Nigeria, including state-owned investment fund Mubadala, had left the company.

However,e tisalat, with a 45 percent stake in the Nigerian business, said last month that it had been ordered to transfer its shares to a loan trustee after the failed talks.

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