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Etisalat Pulls Out Of Nigeria Amid Load Deal Collapse

Nigerian regulators intervened last week to save Etisalat Nigeria from collapse after talks with its lenders to renegotiate a $1.2 billion loan failed. Weeks ago, it was reported that there is imminent takeover of the communication company by indebted Nigerian nanks followed by a reported that a new head was appointed for the multinational which was later debunked to be an hoaz. Etisalat, is a multinational UAE based telecommunications services provider, currently operating in 17 countries across Asia, the Middle East and Africa. Abu Dhabi’s Etisalat has terminated its management agreement with its Nigerian arm and given the business time to phase out the brand in Nigeria, the chief executive of Etisalat International told Reuters on Monday. Nigerian regulators intervened last week to save Etisalat Nigeria from collapse after talks with its lenders to renegotiate a $1.2 billion loan failed. All UAE shareholders of Etisalat Nigeria have exited the company and have left the board and management, Hatem Dowidar said in an interview. 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.

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