Etisalat Nigeria on Thursday announced the adoption of 9Mobile as its new brand name.
It comes three days after Etisalat International announced the termination of management agreement with its Nigerian arm and gave a three-week ultimatum to phase out the brand in Nigeria.
The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) 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 percent 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 in an interview with Reuters discussions were on-going with Etisalat Nigeria to provide technical support, adding that it could continue to use the brand for another three weeks before phasing it out.
Chairman of Etisalat Nigeria, Hakeem Belo-Osagie, resigned on June 30.
“There’s a new board and we are not part of that company. We have sent our termination letter for the management agreement,” he told Reuters.
At end of a meeting of the new management in Lagos on Thursday, 9Mobile was adopted as the new brand name.
