The House of Representatives has mandated its Committee on Telecommunications to conduct investigation into the takeover of Etisalat by 9Mobile. The committee which is to report back to the House in eight weeks is to ascertain what led to the exit of Etisalat. The decision of the House followed the adoption of a motion on […]
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The Senate, yesterday, warned that about 4,000 jobs may be lost in the telecommunications industry, unless the relevant government agencies move swiftly to salvage the fallout of the takeover of 9mobile (Etisalat Nigeria), by 13 local banks. The Red Chamber has therefore called on all relevant financial intelligence agencies of the Federal Government to investigate […]
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Nigerian Communications Commission (NCC) says resolving the Etisalat debt issue is an incentive to attract the two billion dollars Foreign Direct Investment (FDI) expected from Mubadala of United Arab Emirates (UAE). Prof. Umar Danbatta, the Executive Vice Chairman (EVC) of NCC said this in a statement by Mr Tony Ojobo, the Director, Public Affairs of […]
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Emerging Markets Telecommunication Services Limited, EMTS previously trading as ‘Etisalat Nigeria’ and now 9mobile requires an estimated $100million to perfect the complete reengineering of its network. Although the new management team led by Mr Boye Olusanya was noncommittal at the ceremony to unveil its new logo in Lagos. However, speaking in an interview with correspondent, […]
Read More Telecoms group 9mobile is open to new investors but will continue to manage the business in the meantime, its chief executive said on Wednesday at an event to officially announce the company’s new name to replace Etisalat Nigeria. UAE’s Etisalat terminated its management agreement with its Nigerian business in June and surrendered its 45 percent […]
Read More The Nigeria Communications Commission (NCC) yesterday gave regualory approval to to Emerging Markets Telecommunication Services Limited (EMTS), to officially rebrand from Etislat Nigeria to 9mobile. Its Director, Public Affairs, Tony Ojobo, said the regulator had been officially notified about the name change, adding that it has received the blessing of the regulator. The telco, in […]
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Etisalat Nigeria’s rescue has put the country’s banks in a quandary as they prepare for half-year results due this month as they do not know whether to provision for loans to the company until they can work out its value. A banking source told Reuters that the lenders first wanted to determine Etisalat Nigeria’s free […]
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Etisalat International on Monday said it had terminated a management agreement with its Nigerian unit, saying that it had given the business about three weeks to phase out the Etisalat brand in the country. The Chief Executive Officer, Etisalat International, Hatem Dowidar, told Reuters that the exit process became necessary given that the firm had […]
Read More The Nigerian Communications Commission, (NCC) on Tuesday, declared its support for the new management and board of embattled telephone operator, Etisalat Nigeria, currently trying to restructure its operations. NCC’s support came shortly after a new board of the company was inaugurated on Tuesday , with Dr Joseph Nnanna, a deputy governor at the Central Bank […]
Read More Some shareholder groups in the capital market has urged Etisalat Nigeria to settle the $1.2 billion debt it owed 13 commercial banks to avoid its takeover. A cross section of the shareholder groups stated this in an interview with the News Agency of Nigeria (NAN) in Lagos yesterday. They insisted that the company must settle […]
Read More As palpable fear hangs over the fate of Etisalat Nigeria, there is every likelihood that reprieve may come the way of the telecommunications firm this week as the consortium of 13 banks have agreed to truce brokered by the banking and tecommunication regulators. According to the acting Director, Corporate Communication of the Central Bank of […]
Read More The controversies surrounding Etisalat Nigeria’s indebtedness to a consortium of 13 banks deepened on Thursday with the telecoms firm insisting that it had repaid about 42 per cent of the $1.2bn loan, while some of the banks involved in the transaction maintained that it had “only paid $58.9m”. Sources privy to the series of meetings […]
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