Etisalat, which controls about 13 per cent market share in Nigeria, has had a running battle with a consortium of 13 banks since March, after it notified them of its inability to service its $1.2 billion debt due to the foreign exchange challenges in the country.
At the end of a crucial management meeting of the telecom firm in Lagos on Thursday, 9Mobile was unanimously adopted by the company as its new brand name. The embattled telecoms outfit took steps towards taking a new brand name as part of efforts towards restructuring its operations.
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Recall that last Monday, the chief executive of Etisalat International, Hatem Dowidar, said Etisalat Group would, in the next three weeks, phase out the brand name in Nigeria, following Emirates Telecommunications Group (Etisalat Group) withdrawal of further involvement in the ownership of the Nigerian subsidiary.
New chief executive, Boye Olusanya said the new management was mandated to ensure the business was run as profitable venture.
“What is most important now is to ensure the business runs and meets its obligations. We will focus on getting the company back on track as soon as possible,” he said.
However, the Nigeria Communications Commission said that aside changing its brand name to ‘9Mobile’, Etisalat Nigeria must also change its logo and colour.
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The commission noted, however, that the telecommunications company had yet to communicate it on the change of brand name.
Source: Naija News