Etisalat United Arab Emirate (otherwise called Etisalat Group), the parent company of Etisalat Nigeria, on Tuesday, notified the Abu Dhabi Securities Exchange that it has pulled out of Nigeria.
Recall that earlier on Tuesday, a consortium of banks led by Access Bank Plc and other Nigerian and foreign banks, announced that they had taken over the management of Etisalat Nigeria, putting a final seal on the protracted negotiations between the firm and its creditors.
In the notification letter, Etisalat UAE informed the Abu Dhabi Securities Exchange of its decision to transfer its shares in Etisalat Nigeria to the appointed security trustee of the consortium of banks led by Access Bank Plc. Confirming the decision of Etisalat UAE to divest its shares, Chief Executive officer of Etisalat Nigeria, Mr. Matthew Willsher, in a press statement made available to The Daily Times said:
“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.
“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 However, the Federal Government on Tuesday waded into the controversy surrounding the takeover of Etisalat Nigeria, by a consortium of banks, led by Access Bank.
Daily Times
