Etisalat Nigeria has changed its brand name to 9Mobile Telecom.
Currently enmeshed in a N541 billion debt, Etisalat suffered a major blow few weeks back after Mubadala Group, its major investor from the United Arab Emirates, cut ties with the company.
It was gathered that due to pressure from banks and subsequent takeover by its creditors, Etisalat’s foreign investor was left with no option other than withdrawal from the Nigerian telecoms company.
But Etisalat Nigeria said negotiation with the banks on outstanding indebtedness was still on-going, while a major equity restructuring gets underway.
The repayment deal was brokered by the Central Bank of Nigeria (CBN), and the National Communications Commission (NCC).
Etisalat on July 4, 2017 appointed a new board led by chief executive officer Boye Olusanya, to oversee the smooth transition of debt repayment, after a consortium of banks threatened to take over the company.
Olusanya, former deputy managing director of Celtel Nigeria – now Airtel Nigeria, was appointed to oversee the transition of the company due to his experience in the smooth transition of Celtel to Airtel.
The NCC warned banks seeking to take over ownership of the company that the licence awarded to Etisalat Nigeria is not transferable.