Econet Wireless Nigeria (EWN), currently embroiled in a legal matter with Econet Wireless International (EWI) has formally announced the change of its corporate name to Vee Networks.
The name change is in line with the new direction being charted by the business with the signing of a five-year management service agreement with Vodacom SA.
The company`s Board of Directors has approved the new name, which has also been endorsed by its shareholders, while the Corporate Affairs Commission (CAC) has approved the new name and has issued a Certificate of Change of Name to that effect.
However, Vee Networks will trade under the Vodacom brand name as Vodacom Nigeria, and under a new product-branding regime, the Buddie pre-paid package will become Vodago; the Libertie pre-paid contract brand for individuals, will now be called Freedom; and the contract package, Business Partna, has been renamed Business Call.
Already, the migration of the company`s livery (identity items) to the new brand has begun and a message has already been sent to subscribers to welcome them to the Vodacom network.
The company`s sales outlets are currently being renovated to reflect the Vodacom brand principles, and the change process will continue in the coming weeks.
The board has also approved the appointment of Willem Swart - formerly the MD of Vodacom Congo - as the new CEO of Vodacom Nigeria. His deputy will be Boye Olusanya, who was serving as acting CEO until the execution of the management agreement.
However, an injunction has been brought by EWI - following the institution of an earlier arbitration process which is to be heard by the International Court of Arbitration in Paris - which it hopes will prevent the allotment of shares to Vodacom, the change of the name of the company to Vodacom, and the conclusion of the management agreement with Vodacom.
"The name change has been in the offing for some time, but should the injunction be granted, we are seeking a return to the status quo as it was in October 2003, which would negate the name and livery change," says EWI spokesman, Kevin Kachidza.
"The fact that they have changed the name even with the injunction hanging over their heads is part of what we see as a 'fait accompli` strategy, to make it appear as though this is already a done deal."
"However, we do not believe it will have any bearing on the judge`s decision and our faith ultimately lies in the Paris arbitration process - pronouncements from corporate communications departments won`t change things."
Related stories:
Econet injunction hearing postponed
Vodacom, EWN: Five-year or five-day deal?
Vodacom, Econet Wireless Nigeria sign management agreement
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