Report says Restructuring of the loan failed….
Etisalat has ended its management contract with its Nigerian arm.
It announced on Monday that it was pulling out of Nigeria as all UAE shareholders of the company had left the country and exited the board and management of the Nigerian brand.
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 that there was no need for the brand in Nigeria after the collapse of the loan talks.
He said that Etisalat Nigeria had been given three weeks to phase out the brand in the country.
Dowidar said: “discussions are ongoing with Etisalat Nigeria to provide technical support. Meanwhile, it can use the brand for another three-weeks before phasing it out.”
Nothing was said about how this will affect the network and its integrity as million of Nigerians are subscribed to the network.
However, it could be recalled that the Nigerian Telecommunications Commission (NCC) assured that the network’s integrity would not be compromised amid the loan disagreements.