Morocco's ONA Loses its Chairman Over Telecoms Performance

The chairman of Morocco's Omnium Nord-Africain (ONA), Saad Bendidi has been fired by the parent company, ostensibly due to poor performance at the telecoms subsidiary, Wana. In a statement, the company said that "additional financial needs for Wana, which amount to five billion dirhams (US$688 million), result from projects that have not been adequately managed,"

The company also said that "it considers that, leaving aside the market parameters which were and still are favourable to develop a profitable third telecoms operator, this situation reflects serious management failings in planning and strategic direction of the enterprise."

Mouatassim Belghazi, who headed a ONA subsidiary - Moroccco-Emirates Development Company - will replace Bendidi.

Wana (formerly Maroc Connect) is the third main telecommunication company in Morocco. It was one of the early Internet service provider in Morocco. It started marketing its internet services representing the brand Wanadoo, thus the name Wana. Initially a subsidiary of France Telecom, it is now entirely held by the Moroccan conglomerate ONA.

The name comes from the former Wanadoo brand which was represented by Maroc Connect in Morocco for a few years.

The ONA Group is active in the sectors of banking, insurance, fishing industry, food industry, retailing, tourism, information technology and mining. The Moroccan royal family holds stock in this conglomerate through its holdings in Siger. In 2005, the Group reported a revenue of 26.133 billion MAD (US$2.8 billion) and a net income of 774 MAD (US$82.16 million), and employed 22,786 people.

Posted to the site on 21st April 2008