Telecoms group Etisalat has terminated a management agreement with its Nigerian arm ..
According to the chief executive of Etisalat International, who spoke with Reuters on Monday, Nigerian regulators intervened last week to save Etisalat Nigeria from collapse after talks with its lenders to renegotiate a $1.2 billion loan, however it failed.
Etisalat, with a 45 percent stake in the Nigerian business, said in June it had been ordered to transfer its shares to a loan trustee after the talks had failed.
CEO of Etisalat International Hatem Dowidar all UAE shareholders of Etisalat Nigeria, including state-owned investment fund Mubadala, had exited the company and left the board and management.
He said in an interview with Reuters discussions were ongoing with Etisalat Nigeria to provide technical support, adding that it could continue to use the brand for another three-weeks before phasing it out.