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13 Jul 2017

JUST IN: Etisalat Nigeria Changes Name

Top telecommunication company in Nigeria, Etisalat changed it's name to 9mobile following several loan allegations.

According to TheCable,  the major investor from the United Arab Emirates, pulled out of Nigeria’s fourth largest mobile operator, due to a N541 billion debt.

On July 4, 2017, a new board was appointed at Etisalat Nigeria, to handle the smooth transition of the telecommunications company after a reallocation of shares.

Boye Olusanya, former deputy managing director of Celtel Nigeria (now Airtel Nigeria), was appointed as the chief executive officer of Etisalat Nigeria to over see  the transition.

TheCable understands that Olusanya was appointed to oversee the transition of the company due to his experience in the smooth transition of Celtel to Airtel.

The transition of the telecom, with 21 million subscribers, was brokered with the aid of the Central Bank of Nigeria (CBN) and National Communications Commission (NCC).

NCC has warned the creditors that the licence awarded to Etisalat Nigeria is not transferable, effectively stopping the banks from taking ownership of the company.

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