ETISALAT NIGERIA CHANGES NAME, NOW 9MOBILE

Etisalat Nigeria has just taken a bold step in accelerating the pace of its efforts in stabilizing the telecom's company by changing its brand name. The change of name is part of its strategy to move away from the shadows of its trouble. The bold step taken on Thursday after a crucial management meeting of the telecom firm in Lagos is sequel to the statement made by the chief executive of Etisalat Nigeria, Hatem Dowidar, last Monday. He said, Etisalat Group would in the next three weeks phase out the brand name in Nigeria.

The decision followed Emirates Telecommunications Group withdrawal of further involvement in the ownership of the Nigerian subsidiary.

This decision was as a result of the United Arab Emirates group a major shareholder in Etisalat Nigeria, along with United Arab Emirates Sovereign Wealth Fund through Mubadala Development Company, Abu Dhabi, affiliated and controlled a combine 85 percent equity in the telecom firm, with Myacinth holding 15 percent stake through Emerging Markets Telecommunication Services, EMTS Holding BV, owned by former United Bank for Africa, UBA, Chairman, Hakeem Bello-Osagie, following the crisis in the wake of the N377.4 billion syndicated loan the telecom firm took in 2013 from a consortium of 13 Nigerian banks, opting to part ways with the telecom firm
.source: premiumtimesng.com

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