Monday, October 25, 2021

Etisalat Pulls Out Of Nigeria Over Debts, Will Phase Out Brand In Three Weeks

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Telecoms giant Etisalat has terminated its management agreement with its Nigerian arm and has given Etisalat Nigeria three weeks to phase out the brand in the country.

The Abu Dhabi-owned telecommunications networks took the decision after it’s $1.7bn loan talks collapsed.Chief executive of Etisalat International, Hatem Dowidar said on Monday that the there was no need for the brand in Nigeria after the collapse of the loan talks.

Nigerian regulators intervened last week to save Etisalat Nigeria from collapse after talks with its lenders to renegotiate a $1.2bn loan failed.Dowidar said discussions were ongoing with Etisalat Nigeria to provide technical support, adding that it can use the brand for another three weeks before phasing it out.

Nothing has been said about how this will affect the network and its integrity as million of Nigerians are subscribed to the network.Photo Credit: Getty

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