I’m sure the very recent loan struggle between some Nigerian banks and telecommunications company, Etisalat. Well, it has gotten to the height of it already as the banks had taken over the coy already, save for the intervention by the NCC who urged them to get regulatory approvals.
This has therefore propelled their decision to pull out of the country. This was made known by a press release made available to newsmen by the Chief Executive officer of Etisalat Nigeria, Mr. Matthew Willsher. Please read on.
READ MORE: Nigerian Banks Take Over Etisalat Nigeria
“Our renegotiation with the banks are not yet over, but our shareholding structure is evolving. This morning, Etisalat UAE notified the Abu Dhabi Securities Exchange of the forthcoming transfer of their shares to the appointed security trustee of the banks. The exact nature and timing of the transfer is still under discussion, but we expect the final transfer to be done in a coordinated manner”.
“Discussions are also ongoing to address the different management, technical and IP-related implications of the move, including continued use of the Etisalat brand name to trade in Nigeria.
“This was always one of many possible outcomes. The business will of course continue to operate, because any planned exit will be carried out in coordination with the banks, regulators and shareholders.
“Our immediate priority though is to ensure that there is no disruptions to day-to-day operations of the business. In spite of the changes that lie ahead, we aim to maintain continuity through our focus, capabilities, and values.
“So, we will continue to focus on the customer. Our commitment to delivering results through innovation, operational excellence and quality of service will endure. And we will also be guided by our core value of passion for excellence, integrity, One Term- One Mission, Growing our people and Empowering our people.
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“The business outlook remains challenging, but our re-negotiations so far allow us to refocus our energies on the financial, operational and strategic priorities that will help”.
Well, we will miss Etisalat as they have helped the competition in the industry be healthy and intense too. It breaks my heart to think that just some days back, I was thinking of getting an Etisalat Sim card. Well, that won’t be happening anytime soon, or ever.