(Ecofin Agency) - Etisalat Nigeria has been given three weeks to rebrand after talks with lenders over the repayment of a $1.2billion debt contracted in 2013, failed. This is coming after the parent company pulled out of the local unit on Monday and new board members were appointed to run the affairs of the company.

According to the Chief executive of Etisalat International, Hatem Dowidar (photo), there was no need for the brand in Nigeria, after the collapse of the loan talks.

Etisalat Nigeria in a statement three weeks ago claimed that it had repaid 42% of the loan. The same period, the Nigerian Telecommunications Commission promised to ensure that the network’s integrity would not be compromised.

The Director, Public Affairs of NCC, Tony Ojobo had said that the commission in conjunction with the Central Bank of Nigeria, has intervened by holding several meetings with the banks, Etisalat and other stakeholders to find a lasting 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.’’

Anita Fatunji