Abu Dhabi – Mubasher: Etisalat Telecommunications Group on Thursday announced that the “extensive negotiations” it had entered into with Nigeria-based Emerging Markets Telecommunication Services (EMTS) and its lenders have been terminated.

The talks were meant to establish “interim agreements for technical services, strategic procurement support and the use of Etisalat’s brand (and related IP rights,” the telecom operator said in a filing to the Abu Dhabi Securities Exchange (ADX).

However, EMTS and its lenders have “decided not to proceed with these negotiations and to use a new brand.”

Accordingly, the rights, and related IP rights, that were previously granted to the Nigeria-based telecom operator in order to use Etisalat’s brand will be terminated starting 21 July 2017.

Through these agreements and talks, Etisalat sought to carry out an organised transition to a new brand without negatively affecting EMTS’ ability to operate in the normal course.

Last week, Abu Dhabi-based Etisalat Group revealed plans to exit the Nigerian market in order to protect its interests and those of its shareholders.

The company had also announced terminating its management and technical support related agreements EMTS starting 30 June 2017.

The announcement comes after a series of new appointments made in Etisalat’s Nigeria unit following a failed renegotiation of a $1.2 billion loan from 2013 with 13 local lenders.

Etisalat then said it had appointed the deputy governor of the Central Bank of Nigeria (CBN) Joseph Nnanna as Etisalat Nigeria chairman, while Boye Olusanya as named CEO.