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Etisalat pulls out of Nigeria

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Etisalat has terminated its management agreement with its Nigerian arm and has given Etisalat Nigeria three weeks to phase out the brand in the country.

The decision of the Abu Dhabi owned telecommunications networks resulted after its $1.7 billion loan talks collapsed.
Chief executive of Etisalat International, Hatem Dowidar said on Monday that the there was no need for the brand in Nigeria after the collapse of the loan talks.

Nigerian regulators intervened last week to save Etisalat Nigeria from collapse after lenders were calling for the probe and total takeover of the company.

Although Etisalat Nigeria in a statement issued three weeks ago claimed that it had repaid 42 per cent of the loan.

“As at today, we can categorically state that the outstanding loan sum to the consortium(of banks) stands at $227m and N113bn, a total of about $574m if the naira portion is converted to US Dollars. This in essence means almost half of the original loan of $1.2bn, has been repaid.

“Etisalat continued to service the loan up until February 2017, when discussions with the banks regarding the repayment restructuring commenced,” Ibrahim Dikko, vice-president, Regulatory & Corporate Affairs of Etisalat Nigeria said.

Read also: Change of name won’t affect operations – Etisalat

However, Etisalat International announced on Monday that it was pulling out after all UAE shareholders of the company have exited and left the board and management of the Nigerian brand.

Dowidar said discussions were ongoing with Etisalat Nigeria to provide technical support, adding that it can use the brand for another three-weeks before phasing it out.

Nothing has been said about how this will affect the network and its integrity as million of Nigerians are subscribed to the network.

In June, the Nigerian Telecommunications Commission (NCC) assured that the network’s integrity would not be compromised amid the loan disagreements.
Director, Public Affairs of NCC, Mr Tony Ojobo had said that the commission’s attention had been drawn to the planned takeover by the consortium of banks.

Ojobo said that the regulatory body was aware of the indebtedness of Etisalat to the consortium.

According to him, the NCC in conjunction with the Central Bank of Nigeria (CBN), has mediated by holding several meetings with the banks, Etisalat and other stakeholders to find a solution.

“Regrettably, these meetings did not yield the desired results.
“The NCC wishes to reassure about 21 million Etisalat subscribers that it will do all within its regulatory power to ensure that Etisalat subscribers continue to enjoy the services provided by the operator.

“The commission has taken proactive steps to cushion the impact of the takeover; this is without prejudice to the ongoing effort between Etisalat and the banks toward a negotiated settlement.

“NCC wishes to reassure all stakeholders in the telecommunications sector, in particular the subscribers on the Etisalat network, that it will ensure that the integrity of the network is not compromised.’’

Source: NAN

Solomon Ekrebe is the Lead Web & Content Developer at Krebits Concept. He plays with numbers to disrupt tech and creates art with letters, just so to light up the streets of the web.

World

India Unveils World’s Tallest Statue, “Statue Of Unity”

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India Unveils "Statue Of Unity"

India unveils the world’s tallest statue named the “Statue of Unity.”

The statue of Sardar Vallabhbhai Patel who was one of the country’s independence leaders has been unveiled. The “Statue of Unity,” located in India is 182 meters tall, making it the tallest statue in the world. The Indian president, Narendra Modi officially unveils the statue at an event attended by more than 5,000 police officers.

The president describes the statue as ‘an answer to all those who question the existence of India,’ saying that “the height of the statue is to remind the youth that the future of the country will be as huge as this.”

According to reports, the bronze-clad statue cost $430 million to build. The statue also houses a memorial garden and a museum at its base.

Read also Tyler Perry Says Its Time To Kill Madea

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Celebrities

Kanye West Is Taking A Break From Politics

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Kanye West gets Trolled

American rapper Kanye West is now breaking from political talk, saying he was used as a pawn and that his “eyes are now wide open.”

The rapper who once referred to the President of the United States as his brother takes to his Twitter page with a series of tweets declaring that his eyes are now wide open. On Tuesday, 30th October, Kanye West wrote a series of tweets breaking himself from President Trump’s beliefs.

He writes:

“My eyes are now wide open and now realize I’ve been used to spread messages I don’t believe in,” he wrote. “I am distancing myself from politics and completely focusing on being creative !!!”

Kanye who had earlier said Trump’s “Make America Great Again” hat made him feel like a superhero, also declaring “I love this guy” has said he is done being a messenger of beliefs that doesn’t appeal to him personally.

He also writes:

“I support creating jobs and opportunities for people who need them the most, I support prison reform, I support common-sense gun laws that will make our world safer.

“I support those who risk their lives to serve and protect us and I support holding people who misuse their power accountable. I believe in love and compassion for people seeking asylum and parents who are fighting to protect their children from violence and war.

“I would like to thank my family, loved ones, and community for supporting my ACTUAL beliefs and my vision for a better world.

“I introduced Candace to the person who made the logo and they didn’t want their name on it so she used mine. I never wanted any association with Blexit. I have nothing to do with it.”

Read also Abuja Violence: Wuse 2 Witness Senseless Killings

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Nigeria

Abuja Violence: Wuse 2 Witness Senseless Killings

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Abuja Violence

Abuja suddenly becomes unsafe as senseless killings are becoming the order of the day.

Gunshots are reportedly been fired in the Federal Capital territory again. This time, Wuse 2, also in Abuja is the location as members of the Islamic Movement in Nigeria (IMN) clash with authorities. The shots are not being fired by the Nigerian Army this time around; the security agency behind the fired shots is the Nigeria Police Force.

Members of the Islamic Movement classified as the Shiites were fired at Zuba and on Monday, shots were fired at these same sects at Nyanya – by the Nigerian Army after claims that the movement aimed at stealing ammunitions and attacked the soldiers. Even though, the public claim that the movement was unarmed peaceful protesters.

Social media users, once again share videos from the scene of the shootings in Wuse 2 warning people to stay off the area.

Read also Man Alleges Yemi Alade’s Mother Fought In A Beer Parlour

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