More confusion and uncertainties seem to be trailing Etisalat Nigeria Telecommunications Limited, despite the ‘cosmetic’ takeover of the company by 9mobile, the new buyer a few days ago. This is because, as the 9mobile continues in its transitory stride, indication has emerged that BUA Group, Virgin Mobile from the United Kingdom and Vodacom of South Africa, are some of the companies that have indicated interest to buy 9Mobile, formerly Etisalat Nigeria.
Large patronage and loyalty have stood out as centre of attraction for a few other companies that have also signified interest to takeover 9Mobile despite its crisis. The first item on the front burner is on negotiations with investors is on how to offset its $1.2 billion bank loan.
It would be recalled that the embattled telecommunications’ provider has been contending with a number of crises, ranging from huge debt overhang, resignations, massive migration by its subscribers, thus depleting its revenue base, as well as worsening its corporate image. In fact, despite the intervention of the Federal Government, through the Central Bank of Nigeria, CBN, and the telecoms’ regulators, the Nigerian Communication Commission, NCC, to save the firm from its sinking boat and the latest inauguration of a new buyer, 9mobile, all seemed not be well with the firm, going by the latest development of a new suitor angling to buy the firm.
BUA, Virgin and Vodacom are ready to submit their memoranda of interest and technical presentations, while the banks have appointed advisers, which include Standard Bank of South Africa and Citibank of New York, to receive and evaluate bids. Daily Times gathered that every bid received will be evaluated before they will be tendered to the board of new directors.
Hakeem Bello-Osagie first resigned as Chairman, while chief executive officer (CEO), Mr. Matthew Willsher, and Chief Financial Officer (CFO), Mr. Wole Obasunloye, both resigned. It will be recalled that Etisalat Nigeria, after its takeover by banks, constituted a new board, following wind of resignations. In the new board is a deputy governor of the Central Bank of Nigeria (CBN) and chairman of African Finance Corporation (AFC) as its chairman, Boye Olusanya, MD/chief executive officer of 9mobile, Funke Ighodaro, Chief Finance Officer, Mr. Oluseyi Bickersteth – Non Executive Director, and Mr. Ken Igbokwe – Non Executive Director.
Etisalat Nigeria, last Wednesday, officially unveiled its new brand identity, 9mobile, with a new logo. Boye Olusanya, Chief Executive Officer of 9mobile, said the new logo was in conformity with the new name and reflects the bold and creative attributes which the company shared with its valued subscribers.
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