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Etisalat Nigeria assures staff after debt shake-over

Features & Reports

 

Etisalat Nigeria sought to reassure its apparently distraught workers Tuesday after talks with its lenders broke down, leading to the telecoms company being taken over by banks.

In a message to all staff of the company, the Chief Executive of Etisalat Nigeria, Mathew Willsher, acknowledged the challenging business outlook for the company but said its negotiations allowed the refocus of its energies on the financial, operational and strategic priorities to help the company emerge better and stronger from its current position.

Titled: “A Message From the CEO” from TopTalk, and addressed to all staff, Mr. Willsher said since the news broke in February of the negotiations by the company with a consortium of banks for the loan repayment, most of staff were understandably anxious about the future of the company and the place of the workers in it.
Despite the uncertainty of the period, he said the company had kept faith with the business, by focusing on the customers, delivering results and supporting each other through change.

In the face of the challenges, the CEO said he was proud that the staff continued to apply their strengths in service, results and internal support to move the business forward on a daily basis.

“Our renegotiation with the banks are not yet over. But, our shareholding structure is evolving,” Mr. Willsher announced to the staff.

“This morning (Tuesday) Etisalat UAE notified the Abu Dhabi Securities Exchange of the forthcoming transfer of their shares to the appointed security trustee of the banks. The exact nature and timing of the transfer is still under discussion. But, we still expect the final transfer to be done in a coordinated manner.”