Is Etisalat Nigeria really moving its brand away from Nigeria? That’s the question popping heavily on everybody’s mind and looking deeply into the matter, we could at least provide some simplied reason why Etisalat was given three weeks to pull out from Nigeria.
Meanwhile, it was not up to this point as Etisalat had repayed 42% of the money borrowed but when CBN (Central Bank of Nigeria) in collaboration with some other banks, intervened in the matter, Etisalat was given just three weeks to back out its brand from Nigeria in order for them to take over the company.
However, I don’t want to be sentimental but the truth is that Etisalat Nigeria got loan from the banks when exchange rate was favourable, when Nigeria was together, hoping to pay back at the same rate but things turned around as exchange rate was skyrocketed which means the exchange rate was increased which made the exchange rate twice of the amount it was when the loan was acquired. This means that Etisalat will be paying twice of the money they loaned including interest.
I hope you can see the main reason Etisalat was affected? This is cruelty at its peak and I hope the federal government should just step into this before Nigeria loses all its potential investors.
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