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Debt crisis : Etisalat begins exit from Nigeria
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Debt crisis : Etisalat begins exit from Nigeria

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Etisalat International has terminated a management agreement with its Nigerian unit. It had given the business about three weeks to phase out the Etisalat brand in the country.

Chief Executive Officer, Etisalat International, Hatem Dowidar said the exit became necessary since the firm could not convert some of its dollar debts to naira.

Nigerian Communications Commission and the Central Bank of Nigeria recently intervened to save the firm from collapse after it failed to pay the remaining $589m from a $1.2bn loan it took from a consortium of 13 banks.

 

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