Wednesday, 23 May, 2018

Etisalat Nigeria Now Becomes 9Mobile Telecom!

Etisalat Nigeria has changed its brand name to 9Mobile Etisalat Nigeria has changed its brand name to 9Mobile
Kenny Thornton | 14 July, 2017, 07:43

Etisalat, which controls 13 per cent market share in Nigeria, has had a running battle with a consortium of 13 banks since March, after it notified them of its inability to service its $1.2 billion debt in February due to the foreign exchange challenges in the country. "What is important is the structure of the shareholding in the telco not necessarily the name", he said in a telephone interview yesterday.

Renaissance Capital analysts have estimated that Etisalat Nigeria could be worth $1.2 billion based on an enterprise value to operating cashflow multiple when compared with South Africa's MTN and other African telecoms companies. This was made known by Mr. Ibrahim Dikko, the Vice President, Regulatory and Corporate Affairs, EMTS in a statement on Tuesday.

"We think that by the time the new management settles in, makes some changes and reduces costs, the company might bounce back", the source said, adding that he expected support from the central bank, which has sought to avoid Etisalat Nigeria's collapse from sparking a wider debt crisis. ETC, the largest shareholder in the firm, had since terminated its management agreement with its Nigerian arm.

White House blames Democrats for holding up Trump's nominees
Democrats and some Republicans who backed the bill scoffed, saying the problem could have been quickly remedied. Moffit said the Trump administration also has moved slowly in nominating political appointees.

"There's a new board and we are not part of that company".

A former deputy Managing Director, Celtel Nigeria (now Airtel Nigeria), Boye Olusanya, was appointed as the chief executive officer of Etisalat Nigeria to replace Mathiew Willsher.

The NCC warned banks seeking to take over ownership of the company that the licence awarded to Etisalat Nigeria is not transferable.

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