Abu Dhabi’s Etisalat has ended its management agreement with its Nigerian arm and it has given the business time to phase out the brand in Nigeria, the chief executive of Etisalat International announced to Reuters on Monday.
Nigerian regulators tried last week to save Etisalat Nigeria from this collapse after talks with its lenders to renegotiate a $1.2 billion loan failed.
Accoding to Hatem Dowidar in an interview, All UAE shareholders of Etisalat Nigeria have quit the company and have left the board and management.
He explained that discussions were in progress with Etisalat Nigeria to provide technical support, and he also added that it can use the brand for another three-weeks before phasing it out, according to Reuters reports.
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