Dipo Olowookere
By Dipo Olowookere
The recent reported takeover of Etisalat Nigeria by a consortium of 13 banks in the country over an alleged $1.2 billion debt has no doubt made some people develop cold feet, especially thousands of employees at the telecommunications firm.
But a senior management official of the company has allayed such fears, assuring that the development will not result into job loss.
During a visit of Vanguard’s reporter to the Etisalat’s corporate head office at Banana Island and its annex office at the Oriental Hotel, Victoria Island, both in Lagos, normal activities were still going on as workers went about their duties unhindered.
The senior management official, who spoke on condition of anonymity, said that the announcement by Emirates Telecommunications Group Company (The Etisalat Group) of Abu Dhabi, United Arab Emirates to pull out of the Nigerian telecommunication arm was not a sign of bankruptcy or insolvency.
According to him, “What has effectively happened is a change in ownership and not a receivership, bankruptcy, or winding up so operations will continue to run and subscribers can continue to access services on the network as usual.”
He dismissed fears that the present situation could lead to job loss, stating that there were no plans to lay off the staff of the company.
“The discussions with the banks have been on for a while and Etisalat has met its obligations to staff during this time. So long as the business continues, and from all indications it will, the company will sustain its side of the bargain.”
The senior official also assured that the company’s day-to-day operations would not be disrupted in any way and that subscribers would continue to enjoy excellent customer experience on its network during and after the transition period.
Etisalat obtained the $1.2bn loan in 2013 for the purpose of expanding its network and improving the quality of service on its network.
Due to the economic downturn of 2015 and consequently sharp devaluations of the Naira which negatively impacted on the value dollar-denominated loan, Etisalat ran into difficulty in its repayment plan.
This led the company to request the banks for loan restructuring, a request which did not go down well with the lenders.
Vanguard
