Amid debt crisis, Etisalat becomes 9Mobile Telecom

Amid debt crisis, Etisalat becomes 9Mobile Telecom,

Etisalat Nigeria on Thursday finalized the process for its change of name following the ultimatum issued it by its recently departed international partner, Etisalat International, who have rights to the brand. The company will now be known as 9Mobile Telecom.

Emerging Markets Telecommunication Services Ltd. (EMTS), operating as Etisalat Nigeria, had said “discussions are ongoing between EMTS and Etisalat Group pertaining to the continued use of the brand, and EMTS will issue a formal statement once discussions are concluded”.

United Arab Emirates-based Mubadala Group, Etisalat Nigeria’s major investor with 45 per cent stake, had only a few weeks ago withdrawn its investment from the company owing to the failure to resolve a N541 billion debt with a consortium of Nigerian banks.

Read also: Despite deadline, Etisalat Nigeria still fighting to use brand name

In a bid to steady ship and plan for smooth transition, Etisalat Nigeria which has about 21 million subscribers, had on July 4, 2017, appointed a new board after reallocation of shares. Boye Olusanya, former Deputy Managing Director of Celtel Nigeria (now Airtel Nigeria), was appointed as the Chief Executive Officer of Etisalat Nigeria to oversee the transition.

The transition was brokered with the support of the Central Bank of Nigeria (CBN) and National Communications Commission (NCC).

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