Emirates Telecommunications Corporation Orders Etisalat To Shut Down If They Don’t Merge After 21 Days

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The crisis rocking Etisalat Nigeria deepened yesterday with a directive from the Emirates Telecommunications Corporation (ETC), the largest shareholder in the embattled firm, that the Nigerian arm should stop using the brand name within the next three weeks.

The implication is that the new management must decide within the next 21 days on the options before it, which are either an outright sale of the company or merger with an existing operator in the country.

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.

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