Mubadala’s Telecoms Experiment in Nigeria Proves a Headache

Abu Dhabi-based Mubadala has made a number of strategic investments in markets such as Brazil and Nigeria betting on sectors that prosper with an expanding middle class.

In 2008, Emerging Markets Telecommunication Services Ltd. (EMTS), trading as Etisalat Nigeria, was formed by Mubadala and Abu Dhabi-based Etisalat Group, a giant telecommunications services provider with strong links to the United Arab Emirates government. Before the 2017 default, Etisalat owned a 40% stake in Etisalat Nigeria, while Mubadala held a 40% stake. In addition, Nigerian businessman Hakeem Belo-Osagie, the Chairman of Etisalat Nigeria, is a beneficial owner of a large stake in the company.

By 2011, Etisalat Nigeria pushed out a super-fast broadband network to the Nigerian population, while growing its market share. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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