Etisalat Nigeria will now be called 9mobile henceforth following the withdrawal of its parent company Etisalat Abu Dhabi from the Nigerian telecommunications market.
The Arab telco had agreed to exit the Nigerian market in June after it failed to reach an agreement on a repayment plan for a $1.2 billion debt it owed a consortium of Nigerian banks.
It took the loan in 2013 to finance an infrastructure development plan and grow its presence across the Nigerian telecom market.
Following the exit, Etisalat’s Global Chief Executive Hatem Dowidar had confirmed earlier this week that it will only allow the Nigerian telco operate with its brand name for the next three weeks before it is phased out.
“Abu Dhabi’s Etisalat has terminated its management agreement with its Nigerian arm and given the business time to phase out the brand in Nigeria,” he told Reuters on Monday.
It was reported that at the end of a management meeting of the telecom firm in Lagos, Nigeria, 9Mobile was adopted as the new brand name.
Until June 15, the United Arab Emirates, UAE, group was a major shareholder in Etisalat Nigeria, along with United Arab Emirates Sovereign Wealth Fund through Mubadala Development Company, Abu Dhabi.
The two affiliates controlled a combined 85 percent equity in the telecom firm, with Myacinth holding 15 per cent stake through Emerging Markets Telecommunications Services, EMTS Holding BV, owned by former United Bank for Africa, UBA, Chairman, Hakeem Bello-Osagie.