There are media reports today that Etisalat UAE, the Abu Dhabi company with 40% stake in Etisalat Nigeria is looking to sell ofs its stake.
The confirmed source in the company told Reuters that the company will sell off their stake once Etisalat Nigeria finish restructuring its loan.
All appeals to the UAE group to inject more money into the Nigerian unit has falling on deaf ears.
If this happens, it will further affect Nigerians who want to get foreign partners for their ideas. So my question is, what is really wrong with Nigeria, Nigerians and how we manage business?
Are we not capable, talented enough or it is just a jinx we have to break from?
Lets ask ourselves why Etisalat UAE wants to sell its stake first.
Who are the remaining investors that make up 60%, why has the loan dragged on for many years without payback, there are many issues we need to look into.
Investors pulling out means its an internal issue privy to them.
Very true! There are more than meets the eye.
There are allegations of mismanagement within the top echelons of the company. These facts have not made it out of the system. Way back to 2012 when the company was spending big on marketing and promotions, there were red flags all over some of the initiatives.
However, the biggest chunk of corporate mismanagement happen in the big deals beyond marketing. It will be hard for Etisalat’s team head to convince anyone that all the loans taken were spent according to standard guidelines.