Etisalat Nigeria today thursday, July 13, changed its name after weeks of reported crises. The management of the company at the end of a management meeting in Lagos adopted the name 9Mobile as the new brand name.
Emirates Telecommunications Corporation (ETC) has directed Etisalat Nigeria to stop using its brand name within the next three weeks.
ETC, the largest shareholder in the firm, had since terminated its management agreement with its Nigerian arm, the implication is that the new management must decide within the next 21 days on the options before it, which are either an outright sale of the company or merger with an existing operator in the country.
Etisalat, which controls 13 per cent market share in Nigeria, has had a running battle with a consortium of 13 banks since March, after it notified them of its inability to service its $1.2 billion debt in February due to the foreign exchange challenges in the country.
No comments:
Post a Comment