Etisalat Nigeria changes name; now 9Mobile telecom


Etisalat Nigeria changes name; now 9Mobile telecom

On Thursday, Etisalat Nigeria changed its name to 9mobile, the company said.

The company announced the name change at end of a management meeting in Lagos.

But Etisalat Nigeria said negotiation with the banks on outstanding indebtedness was still on-going, while a major equity restructuring gets underway.

Two other investors - Mubadala Development Company which holds a 40 per cent stake in Etisalat Nigeria and EMTS, representing the Nigerian shareholders, with 15 per cent stake - have remained committed to the Nigerian telco despite its debt crisis. Results are due from this month.

"There's a new board and we are not part of that company".

"(Nigerian) lenders may try to continue to operate the company until they find a buyer (or) they may merge the company with the existing players in Nigeria, he said, adding that it was tough to say what lenders would do.

The embattled telecommunication giant, Etisalat Nigeria, has now gotten a new brand name, multiple media sources have said. The company will now be known as 9Mobile Telecom.

The transition was brokered with the support of the Central Bank of Nigeria (CBN) and National Communications Commission (NCC).

Etisalat Nigeria's new chief executive Boye Olusanya told Reuters on Tuesday he was focused on getting the telecoms group back on track to make a profit, while working on the paperwork to eventually raise new capital.