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ABU DHABI / Reuters
Telecoms group Etisalat terminated a management agreement with its Nigerian arm and given the business time to phase out the Etisalat brand in Nigeria, the chief executive of Etisalat International said 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.
Etisalat, with a 45% stake in the Nigerian business, said in June it had been ordered to transfer its shares to a loan trustee after the talks had failed.
CEO of Etisalat International Hatem Dowidar said all UAE shareholders of Etisalat Nigeria, including state-owned investment fund Mubadala, had exited the company and left the board and management. He said discussions were ongoing with Etisalat Nigeria to provide technical support, adding that it could continue to use the brand for another three-weeks before phasing it out.