Etisalat to pull out of Nigeria in Three weeks

According to recent reports, The Chief Executive staff of Etisalat International, Hatem Dowidar, revealed to Reuters yesterday that Abu Dhabi's Etisalat had finished its organization concurrence with its Nigerian arm and has given Etisalat Nigeria three weeks to wipe out the brand in the country.

As per the CEO of Etisalat International, Hatem Dowidar:

"There's another board and we are not some portion of that organization. We have sent our end letter for the administration agreement," he told Reuters.

Etisalat, which controls 13 percent market share in Nigeria, has had a running fight with a consortium of 13 banks since March after it told them of its powerlessness to benefit it's $1.2 billion obligations in February because of the outside trade challenges in the nation. Notwithstanding, Etisalat Nigeria, in a statement issued three weeks prior, had asserted that it had reimbursed 42 percent of the credit, leaving an outstanding $574 million.

Responding to Etisalat Group's announcement on Monday, a source near Etisalat Nigeria said the final offer was not strange since its administration had realized that they would need to change the brand identity, following the withdrawal of the Abu-Dhabi-based parent organization from its Nigerian backup.

As per the source, the Nigerian financial specialists in Etisalat Nigeria, spoke to by Emerging Markets Telecommunications Services (EMTS) hold only a 15 for every penny stake in the business, so it was ideal for an adjustment in brand identity.

The Emerging Markets Telecommunication Services Ltd. (EMTS), trading as Etisalat Nigeria, said it knows about reports in regards to Etisalat Group's withdrawal of the privilege to the proceeded with the utilization of the Etisalat brand in Nigeria by EMTS. In any case, EMTS had a substantial and subsisting concurrence with the Etisalat Group, which qualifies EMTS for utilizing the Etisalat brand, despite the current changes inside the organization.

In the interim, gossip has it that two media transmission giants, Orange and Vodafone Groups, are in a race to purchase 65 for each penny of Etisalat Nigeria, following the pullout of its significant investors.

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