Following the takeover of Etisalat Nigeria, the telecommunications company is changing its brand name to 9Mobile, it has been gathered.
A few weeks ago, Mubadala Group, 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.
The transition of the telcom, 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.