According to reports, Etisalat Nigeria has changed its brand name to 9Mobile. This comes after the parent company, Etisalat United Arab Emirate (UAE) finally exited the Nigerian market. A source told Ventures Africa that the decision will take effect soon.
Last week, Nigerian regulators made attempts to save Etisalat Nigeria from collapse after talks with its lenders to renegotiate a $1.2 billion loan failed.
Etisalat had been in the news for its debt crisis which continued to take a different twist by the minute. On Monday 3rd of July 2017, it was announced that the Central Bank of Nigeria (CBN) had finally taken over “highly indebted Etisalat Nigeria Ltd.” This came after the resignation of the company’s Chief Executive Officer (CEO), Mr Matthew Willsher, and Chief Financial Officer (CFO), Mr Wole Obasunloye.
All UAE shareholders of Etisalat Nigeria have exited the company and have left the board and management, the chief executive of Etisalat International, Hatem Dowidar said in an interview.
Etisalat UAE exited Nigeria due to a $1.2 billion medium-term syndicated loan facility from a consortium of 13 banks. This exit and restructuring of the company saw its board members such as the Chairman of the company, Mr Hakeem Belo Osagie resign. The board members have also been replaced immediately and it comprises of Dr Joseph Nnanna as Chairman, Mr Boye Olusanya as Chief Executive Officer and Mrs Funke Ighodaro as Chief Finance Officer.