We Will Raise Authentic Capital – Etisalat Nigeria Assures Customers Of Continuity


We Will Raise Authentic Capital - Etisalat Nigeria Assures Customers Of Continuity

The Etisalat Organization in Nigeria said, it had started off on the paperwork to raise fresh capital to fortify its operations.

Mr. Boye Olusanya, the Chief Executive Officer, Etisalat Nigeria, said that the company was also aiming at getting back on the track to making more profits.

Olusanya, a former Celtel (now Airtel Nigeria) executive, took over last week as the CEO of Etisalat Nigeria following the appointment of a new board led by a deputy governor of the Central Bank of Nigeria.

Our mandate is to make sure the business runs as profitably as it can. What is most important now is to ensure that the business runs and meets its obligations, he told Reuters.

However, Once we’ve got ourselves to where certain decisions are made and the structure and form of the business are formed, then maybe we would look at a capital raising structure that would be suitable for the nature of how the business will be run, he added.

He also said, the business can run without an immediate recapitalization, he will not rule one out completely.

Obviously, if it is possible to do it tomorrow, we will do it, because that enhances the ability of this business to roll out quickly and to get more subscribers, which is what everybody wants, he added.

When asked if the company would drop the brand name as stated by the Chief Executive Officer of Etisalat International, Hatem Dowidar, on Monday, Olusanya stated, “We are still in negotiations with Etisalat over the use of the brand name.”

He added that the technical service agreement with Etisalat International covered the brand name but Nigerians were running the telecoms company.

Afterward, the Vice President, Regulatory and Corporate Affairs, Etisalat Nigeria, Ibrahim Dikko, shared Olusanya’s views, saying that the continued use of the Etisalat brand in Nigeria by the parent company did not imply in any way the discontinuation of the business as the country’s fourth largest mobile service provider.

Contrary to certain misleading statements, in the press about our experience centres and outlets being closed, we wish to state that all Etisalat offices, experience centres and outlets across Nigeria are in full operation and are providing services, including customer care services on 24/7 basis, he mentioned in his statement on Tuesday Morning.

The statement read in part,

The Network Board also reiterates its unwavering commitment to the delivery of quality services and commitment to continuously empowering all segments of Nigeria through the development and roll-out of innovative products, services and solutions that help individuals, businesses and organizations solve their everyday problems.

On the other hand, While we are intensifying efforts aimed at reaching full closure on ongoing discussions with regards to the transition phase, we want to assure that our customers and stakeholders will be duly informed as soon as these are concluded, including details of a re-branding should that become necessary.

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