Etisalat pulls out of Nigeria after loan talks collapse | Welcome to Linda Ikeji's Blog

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Monday, 10 July 2017

Etisalat pulls out of Nigeria after loan talks collapse

Abu Dhabi’s Etisalat is pulling out of Nigeria after an intervention by Nigerian regulators to save Etisalat Nigeria failed. All UAE shareholders of Etisalat Nigerian have left the board and management of the company.

Discussions are ongoing between the UAE shareholders and Etisalat Nigeria to provide technical support. Etisalat Nigeria is allowed to keep using the Etisalat brand but only for the next three weeks before it is phased out. 
 

Below is how Reuters is reporting it:

Abu Dhabi’s Etisalat has terminated its management agreement with its Nigerian arm and given the business time to phase out the brand in Nigeria, the chief executive of Etisalat International told Reuters on Monday.

Nigerian regulators intervened last week to save Etisalat Nigeria from collapse after talks with its lenders to renegotiate a $1.2 billion loan failed.

All UAE shareholders of Etisalat Nigeria have exited the company and have left the board and management, Hatem Dowidar said in an interview.

He said discussions were ongoing with Etisalat Nigeria to provide technical support, adding that it can use the brand for another three-weeks before phasing it out.

27 comments:

glowy shoe said...

So what will happen to all Etisalat users plus workers

Glowyshoes's blog

Anonymous said...

Sad news.

ahabike daniel said...

Chai

Eddy Ogbunambala said...

Ok

soul child said...

How will the talks succeed when the MDs of the bank probably want the gsm license? I can swear that my former employer that had a phone company that he sold, would have package the thing to look like they tried but they couldn't just agree. The guy na real piece of work and him second name Machiavelli. The more you look the less you see. It's a pity bcos if the guy enter the etisalat equation, na OYO for those staff.

Anonymous said...

Nigeria! it boils down to mismanagement and the lack of regulatory bodies enforcing the law. How wicked can these people be? Do they not realise their foolishness will cost people their jobs ... Mind you people with dependants! Its not like they pay you what you are worth or anything sooo.. annoying! God Nigeria!!!! Must you frustrate the life out of your citizens?

Udolisa Ugochukwu said...

3weeks!!!!.....noooooo😰😰😰😰😰💔💔💔💔i can't use mtn

kalu oji said...

The economic implication is the worry

Franklin Chukwuma said...

Again.... we have been officially chopped and screwed. GLO.... seize this.

kalu oji said...

The implication on the economy is worrisome and on the labour market. Let them seek for alter investors.

Anonymous said...

Good Glo with pride.

Anonymous said...

So how much changed hands and who profited from this saga?
The salary paying but no useful output and productivity agency called NCC is obviously involved in this debacle as usual
Who exactly is in charge at that hellhole?
can you see what you have caused nigeria? the loss of jobs and livelihoods will haunt you and your generations unborn

I don't even work at etisalat or know anyone who does

Anonymous said...

Still counting the number of companies that has failed or closed shop since this APC government came to power a little over two years ago! Tragic...

Anonymous said...

Still counting the number of companies that has failed or closed shop since this APC government came to power a little over two years ago! Tragic...

Anonymous said...

Still counting the number of companies that has failed or closed shop since this APC government came to power a little over two years ago! Tragic...

adaobi amarachi said...

Oh God

Olivia Maduechesi said...

Sad indeed.

Vivian Reginalds said...

Lol
-D great anonymous now as Vivian Reginalds

Anonymous said...

Anyway we have the real green GLO: grandmasters of data.

Joyous babe,Linda Ikeji First Cousin said...

Very sad news.

soul child said...

Stop marketing Glo here😩

Anonymous said...

Perhaps u shd also count d number of times u dropped d same comment

Adetola Odukoya said...

So sad .i actially forseighted this happening thecyear etisalat started operation in nigeria.i was discussing with a cousin of mine .i realised they ventured way to late into tbe nigerian market mistake number one.mistake number two was they you have focused more on thier competiotion being glo by beating any similar price package glo had or brought into the market at all times and that they alwats failed to do.thirdly thier primary target market has never really been defined.its like they were caught in the confusion of competiting between two top established brands mtn, globacom and airtel and i guess thier marketing team were over stretched with that situation hand.thier fourt mistake was tgat most of packages were priced so high infact higher than all.other telecoms network.the fifth was just that i had a business enterpreneur natural gut feeling that they would not just break into the nigeria market sucessfully and gain that unbelievable market percentage with the otger telecom brands the brand name seemed too out of touch and looked to expensive for an average nigerian subscriber especially outside lagos .i guess i was right .its sad though to see another imminent and substantial amount of job loss in this fragile nigerian economy .

Adetola Odukoya said...

So sad .i actually forseighted this happening the year etisalat started operation in nigeria.i was discussing with a cousin of mine .i realised they ventured way too late into the nigerian market that was thier first mistake .mistake number two was they failed to focuse more on thier main competition being globacomwho were the last company to come into the market prior to them by beating any similar price package glo had or brought into the market at all times but obviously they always failed to do that as well.thirdly thier primary target market has never really been defined.its like they were caught in the confusion of competiting between two top established brands mtn, globacom and airtel and i guess thier marketing team were over stretched with that situation at hand.thier fourth mistake was that most of packages were priced so high infact higher than all other telecoms network in a telecom.market were consumers had a wide range of three other already "known" accepted and performing telecom companies.the fifth was just that i had a business enterpreneur natural gut feeling that they would not just break into the nigeria market sucessfully and gain that unbelievable needed customer percentage over the other telecom brands already competing hard for them.finally, the brand name and marketing / advertising projection seemed way too classy, expensive and out of touch and looked to expensive for an average nigerian subscriber especially outside lagos and outside lagos and west was the tmtarget customer base they had left to be justling to get being lagos and south west were clearly defined as a 50 :50 mtn/ glo taken market .i guess i was right .its sad though to see another imminent and substantial amount of job loss in this fragile nigerian economy.

Adetola Odukoya said...

This is so sad for employees of tge company.

Adeolu Oluwale said...

Very sad. Just too sad!!

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Ogonna Ifepe said...

really sad, I guess the banks needs to appoint someone to takeover the operations of the now defunct Etisalat, and that person needs to answer to the new board of directors (the banks).

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