Etisalat Nigeria Limited, Nigeria's fourth largest telecommunication firm, appears to be swimming deeper in troubled waters as Mubadala Development Company of United Arab Emirates, the company's largest shareholder, has pulled out its investment and headed out of the country, those familiar with the matter have told PREMIUM TIMES.
Mubadala, an Abu Dhabi Government-owned investment and development company, controls about 70 per cent of the shares in Etisalat along with Etisalat UAE mobile, with Emerging Markets Telecommunications Services (EMTS, promoted by Hakeem Bello-Osagie, owning the remaining 30 per cent.
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