Nigeria's telecoms regulator has approved Etisalat Nigeria's name change
after its Middle East parent pulled out following regulatory intervention to
save the local company from collapse due to debt, the company said.
The Nigerian Communications Commission (NCC) has been notified of the
new name, 9mobile, the company said, adding that Etisalat Nigeria had started
the process of rebranding. The company is due to unveil the new brand on
Wednesday.
"Etisalat Nigeria wishes to inform its over 20 million subscribers,
government, regulatory agencies ... the telecommunication company has changed
its name to 9mobile," 9mobile said.
The move was to ensure business continuity of Nigeria's fourth largest
telecom operator, it said in a statement.
Etisalat Nigeria had been in talks with its lenders to restructure a
$1.2 billion debt after it missed repayments but the discussions failed to
produce a deal, forcing the banks to step in.
UAE's Etisalat terminated its management agreement with its Nigerian
business in June and gave it three weeks to phase out the brand after it had to
surrender its 45 percent stake to a trustee because of the debt crisis.
Under Nigeria's telecoms law, the NCC has to approve a transfer of
telecoms licences or any new investor in a telecoms company with more than 10
percent of the shares.
Etisalat Nigeria's lenders have now taken control and appointed a new
team to manage the company with a focus on getting it back to profitability
while working to eventually raise new capital.
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