Africa’s telecommunications campany, Etisalat Nigeria has rebranded to a new name 9Mobile.
Hatem Dowidar, Etisalat International Chief Executive Officer said Etisalat Group would in the next three weeks phase out the brand name in Nigeria.
The decision followed Emirates Telecommunications Group (Etisalat Group) withdrawal of further involvement in the ownership of the Nigerian subsidiary.
The United Arab Emirates, UAE, group was a major shareholder in Etisalat Nigeria, along with United Arab Emirates Sovereign Wealth Fund through Mubadala Development Company, Abu Dhabi.
The two affiliates controlled a combined 85% equity in the telecom firm, with Myacinth holding 15 per cent stake through Emerging Markets Telecommunications Services, EMTS Holding BV, owned by Hakeem Bello-Osagie, former United Bank for Africa (UBA) Chairman.
Opting to part ways with the company followed the crisis in the wake of the $1.2 billion (N377.4 billion) syndicated loan the telecom firm took in 2013 from a consortium of 13 Nigerian banks.
Boye Olusanya, 9mobile new Chief Executive Officer said the new management was mandated to ensure the business was run as profitable venture.
“What is most important now is to ensure the business runs and meets its obligations. We will focuss on getting the company back on track as soon as possible,” said Olusanya.
Source: http://www.biznisafrica.com/etisalat-nigeria-rebrands-9mobile/