Business News

JUST IN: Etisalat Pulls Out Of Nigeria After Failing To Resolve $1.2bn Debt

Google+ Pinterest LinkedIn Tumblr

Etisalat Nigeria Collapses, Shutdown

Embattled Telecommunications brand, Etisalat has put to an end its agreement with the Nigerian arm and given the business time to phase out the brand in Nigeria. The Chief Executive of Etisalat International made this known on Monday, July 10.

Nigerian regulatory bodies had intervened last week to save Etisalat Nigeria from the foreseen meltdown but talks with its lenders to renegotiate a $1.2 billion loan failed. All the efforts of the to resolve between Etisalat and the banks were to no avail.

You Will Experience Poor Data Service ~ Telcos Threatens

It’d be recalled that Etisalat couldn’t renew its deals with signed ambassadors like Olamide and Genevieve which led to the former migrating to Glo.

Also, all UAE shareholders of Etisalat Nigeria have exited the company and have left the board and management, Hatem Dowidar said in an interview with Reuters.

MTN To Increase Data Tariff, Blames It On NCC Regulations

He 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.

The loan facility totalling $1.72 billion (about N541.8 billion) involving a foreign-backed guaranty bond, was for Etisalat to turn around its network and expand its operations in Nigeria. However, the banks claimed that Etisalat had failed to service the debt as agreed since 2016. They subsequently reported Etisalat to the banking sector regulator, the Central Bank of Nigeria, CBN, and its communications sector counterpart, the NCC.

NCC Suspends Planned Data Tariff Hike
Ibukun Adebanjo

Ibukun Adebanjo

Creative designer, writer and poet.

For news/tips/information contact [email protected]

Whatsapp only: +2348162200229
Ibukun Adebanjo

Do you ever witness news or have a story that should be featured on talkGlitz.tv? 

Submit your stories, pictures and videos to us now via WhatsApp: +2348162200229, Join our Telegram: "TalkGlitz Media" Social Media @talkGlitz: #talkglitz & DM or Email: [email protected]

Also Subscribe to TalkGlitz Updates by Email

Write A Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.