9mobile Brand to Replace Etisalat Nigeria as the embattled Etisalat Nigeria yesterday rallied to move away from the shadows of its troubles by taking a new brand name. The decision came out at the end of company’s crucial management meeting headed by the newly appointed board members in Logos. The news of new brand name has yet to be officially announced by the company authorities.
9mobile Brand to Replace Etisalat Nigeria
Also the meeting came out with the decision of withdrawal of Emirates Telecommunications Group (Etisalat Group) of further involvement in the ownership of the “Nigerian” subsidiary.
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Etisalat Nigeria was supposed to change its operating name in Nigeria after its foreign partner, Dubai-based “Emirates Telecommunications Corporation (ETC)”, which controls 45% shares in Etisalat Nigeria, gave the Nigerian arm 3 weeks time period within which it must change the brand name.
Until June 15, 2017 the UAE group “Etisalat” was a major shareholder in the “Etisalat Nigeria”, along with the United Arab Emirates Sovereign Wealth Fund through “Mubadala Development Company.” But due ti its failure to return $1.2 billion (N377.4 billion) debt amount which the telecom form took back in 2013 from a consortium of 13 Nigerian banks; the ownership has been changed.