Telecoms firm, Etisalat Nigeria, has a bleak future in Nigeria following the exit of its parent firm, Etisalat International, from the helm of affairs.
Etisalat owes a consortium of banks some money and have been unable to pay back. The firm is expected to be phased out in three weeks according to reports.
Etisalat International’s Chief Executive Officer, Hatem Dowidar, said the exit process became necessary given that the firm had been unsuccessful at converting some of its dollar debts to naira.
“The Nigerian lenders may try to continue to operate the company until they find a buyer; or they may merge the company with the existing players in Nigeria.”
He said he isn’t sure what the lenders would do.
“The brand agreement in either of these two scenarios won’t be a long-term thing, so we take out the brand; in the long term, Etisalat won’t be in Nigeria.”
“There’s a new board and we are not part of that company. We have sent our termination letter for the management agreement,” Dowidar said of the ongoing discussions with Etisalat Nigeria.
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