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Emirates Telecommunications Group has terminated its existing management and technical support-related agreements with Emerging Markets Telecommunications Services Limited (EMTS) – the holding company of Etisalat Nigeria – with effect from June 30, 2017, according to a statement released on Monday.

The Abu Dhabi-based company said the termination of the agreements governing the use of the Etisalat brand has, however, been deferred to July 21, 2017.

Etisalat Group said it is currently negotiating with EMTS to secure new agreements for technical services, strategic procurement support, and the use of the Etisalat brand, including its trademark.

“It is for this reason that Etisalat Group has deferred the termination of the existing trademark agreement at this time, thus allowing the parties an opportunity to enter into a new interim trademark agreement without adversely impacting the company’s ability to operate in the normal course,” the company said.

The announcement comes after the Central Bank of Nigeria and the Nigerian Communications Commission intervened last week in the ongoing dispute between Etisalat Nigeria and a consortium of Nigerian banks over a $1.2 billion loan.

The regulators engineered the appointment of a new board and management for the Nigerian telecoms operator after reaching an agreement with the banks.

The banks involved in the loan deal include: Zenith Bank, GT Bank, First Bank, UBA, Fidelity Bank, Access Bank, Ecobank, FCMB, Stanbic IBTC Bank, and Union Bank.

With regards to the transfer of its 45 percent stake in EMTS as demanded by banks, Etisalat Group said United Capital Trustees Limited, the security trustee, has yet to complete the legal process in Nigeria.

Hatem Dowidar, Etisalat Group CEO, told Reuters on Monday that the company have pulled out of Nigeria as all UAE shareholders – including Mubadala, which owns 40 percent of EMTS – have exited Etisalat Nigeria and pulled out of its board and management.