The embattled Etisalat
Nigeria on Thursday rallied
to move away from the
shadows of its troubles by
taking a new brand name.
At end of a crucial
management meeting of the
telecom firm in Lagos,
9Mobile was unanimously
adopted by the company as
its new brand name.
Last Monday, the chief
executive of Etisalat
International, Hatem
Dowidar, said Etisalat Group
would, in the next three
weeks, phase out the brand
name in Nigeria.
The decision followed
Emirates Telecommunications
Group (Etisalat Group)
withdrawal of further
involvement in the
ownership of the Nigerian
subsidiary.
Until June 15, the United
Arab Emirates, UAE, group
was a major shareholder in
Etisalat Nigeria, along with
United Arab Emirates
Sovereign Wealth Fund
through Mubadala
Development Company, Abu
Dhabi.
The two affiliates controlled a
combined 85 per cent equity
in the telecom firm, with
Myacinth holding 15 per cent
stake through Emerging
Markets Telecommunications
Services, EMTS Holding BV,
owned by former United
Bank for Africa, UBA,
Chairman, Hakeem Bello-
Osagie.
Opting to part ways with the
company followed the crisis
in the wake of the $1.2
billion (N377.4 billion)
syndicated loan the telecom
firm took in 2013 from a
consortium of 13 Nigerian
banks.
Etisalat Nigeria, Emirates
Group disclosed in a filing
with the Abu Dhabi Securities
Exchange it had transferred
100 per cent of its shares
with EMTS Holding BV, a
special purpose vehicle
established in Netherlands, to
United Capital Trustees
Limited, legal trustees of the
banks.
However, following the resignation a
fortnight ago of its immediate past
Chairman, Mr. Bello-Osagie, and last
week’s reconstitution of the company’s
Board of directors, the issue of the
trading name the embattled firm would
carry brought fresh headache to its
management.
EMTS Vice President Regulatory and
Corporate Affairs, Ibrahim Dikko, had
weighed in with an explanation that the
company had a valid and subsisting
agreement with its former parent
company, to continue using the Etisalat
brand regardless of the recent
restructuring of the Company.
Mr. Dikko gave a hint as to what the new
name of the company could be. He
recalled that at the launch of EMTS in
Nigeria in 2008, “0809ja” was adopted,
to affirm the “Nigerianness” of its origin
and the company’s sphere of influence.
Following Thursday’s announcement of
the new brand name, PREMIUM TIMES
learnt all staff of the company
nationwide were sent notices of the
change of name. The company’s new
name is yet to be unveiled officially to
the public.
Early this week, Mr. Dikko said the new
brand name would not affect the
company’s operations.
New chief executive, Boye Olusanya said
the new management was mandated to
ensure the business was run as
profitable venture.
“What is most important now is to
ensure the business runs and meets its
obligations. We will focuss on getting the
company back on track as soon as
possible,” he said.
Facebook 367 Twitter Email
LinkedIn 1 Print WhatsApp
Telegram Google Skype
More
Medview Airline stowaway
charged with attempted suicide
317 ex-Niger Delta militants
graduate from U.S., UK universities
in 2017 – Boroh
Former Vice Chancellor accused of
corruption gets bail
EFCC arraigns former Enugu State
Chief Judge for ‘corruption’
I will not obey your suspension
order, NHIS boss tells Nigeria’s
Health Minister
Danjuma, Dogonyaro, Christian
Elders blame Buhari
administration for national crisis
Medview Airline stowaway
charged with attempted suicide
317 ex-Niger Delta militants
graduate from U.S., UK universities
in 2017 – Boroh
Former Vice Chancellor accused of
corruption gets bail
UPDATE: Etisalat Nigeria
changes name, now
9Mobile
July 13, 2017 Bassey Udo