NewsExpress banner Firstbank Verve banner Fidelity bank card banner Umm Sulaim's Thoughts Camano banner

9mobile invites new investors

By Chijioke Ohuocha on 19/07/2017

Gmail icon

Views: 1,128


Telecoms group 9mobile is open to new investors but will continue to manage the business in the meantime, its chief executive said on Wednesday at an event to officially announce the company’s new name to replace Etisalat Nigeria.

UAE’s Etisalat terminated its management agreement with its Nigerian business in June and surrendered its 45 percent stake to a trustee following regulatory intervention to save the local company from collapse due to debt.

9mobile CEO Boye Olusanya said the company had retained its workforce and that Etisalat’s withdrawal had not led to a loss of business opportunities.

“Like any business we are always available for someone with a good offer ... but we are prepared to manage this business for the long haul,” Olusanya said at the event in Lagos.

This brand was not developed with the mindset that it’s a three-month brand.”

He declined to say how much the re-branding cost.

9mobile has 20 million subscribers, making it the country’s number four mobile operator with a 14 percent market share. South Africa’s MTN has 47 percent, Globacom 20 percent and Airtel - a subsidiary of India's Bharti Airtel – 19 percent.

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 and order shareholders to transfer their shares to a loan trustee.

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.

“If at any point in time someone does come in with an offer that is attractive then that person will have the right to do whatever they want to do with the brand,” Olusanya said.

The telecoms regulator, Nigerian Communications Commission (NCC) approved the brand name change on Tuesday.

Under Nigeria’s telecoms law, the regulator has to also approve a transfer of telecoms licences or any new investor in a telecoms company with more than 10 percent of the shares.

NCC spokesman Tony Ojobo told Reuters that the brand name change did not affect the terms of the license which was granted to a Nigerian entity known as Emerging Markets Telecommunication Services (EMTS). He said it was a change to its trading name.

Source News Express

Posted 19/07/2017 6:57:39 PM

 

 

CLASSIFIED ADS

 

You may also like...
APC suspends party chairman in Imo

Fidelity Bank donates N50m to Lagos State Security...

October 15 is Eid-el-Kabir —Sultan of Sokoto

Witches village springs up in Ghana

Nigeria, Chad perfect strategies to finish off Boko...

5 abducted corps members rescued in Imo

Breaking: Dasuki floors FG, DSS •You must allow...

US’ first female Muslim Judge found dead in...

Activist Kayode Bello: ANOTHER REUBEN ABATI AND LABARAN...

Jimmy Carter falls ill abroad, cancels assignment

Awka agog as Anambra APGA holds State Congress...

Today’s Weather: Expect plenty clouds, thunderstorms – NiMET...

 

Latest News UBA staff across Africa give back at UBA Foundation’s Each One, Teach One initiative Anti-Buhari Editorial: IPOB hails PUNCH; challenges Channels, Tribune, The Nation and Sahara Reporters VISA-free entry to Nigeria a reckless threat to our sovereignty — HURIWA Dilemma in Bayelsa over birth of Siamese twins Ugwuanyi reiterates commitment to scientific innovation Gunmen kill OAU professor Ogboni Fraternity opens up on activities Uproar over CJN’s call for full Sharia in Nigeria Bank mistakenly deposits $37m into woman’s account EFCC marks Orji Kalu’s properties Protesters dispute Imo Speaker’s NYSC certificate Reps threaten to blacklist Julius Berger over slow pace of work on road projects

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (572,661 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (456,969 views) Shameless Genevieve Nnaji exposes breasts in public (406,990 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (341,765 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (308,202 views) 10 cars more expensive than Jets (292,808 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (261,529 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (260,762 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (242,184 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (228,632 views) Lagos plane crash: Journalist releases victims’ names (204,289 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (200,616 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (112) Business & Economy (4,623) Business Verdict (89) Columnists (1,158) Complaints & Requests (98) Enterprise & Opportunities (221) Entertainment (718) Features (855) Global Business Monitor (499) ICT Monitor (73) International (4,325) Interview (220) Live Commentary (30) Love Matters (178) Maggie's Blog (520) News (55,265) Opinion (1,440) Pidgin (18) Politics (11,892) Religion (1,133) Sports (2,255) Stock Watch (41) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera