Friday, June 14, 2019
Advertisement

EXCLUSIVE: 9mobile sale deadline extended by 16 days

EXCLUSIVE: 9mobile sale deadline extended by 16 days
December 31
15:34 2017
Advertisement

The sale process of 9mobile will now be concluded on January 16, 2018 following an approval of the extension of the deadline by the Nigerian Communications Commission (NCC), TheCable can report.

The previous deadline of December 31, 2017 could not be met, as earlier reported by Technology Times, the authoritative online ICT newspaper.

This necessitated a request for extension by the board of directors of Emerging Markets Telecoms Services Ltd, owners of the 9mobile licence.

In a letter to Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), seen by TheCable, Umar Danbatta, executive vice chairman of NCC, acknowledged the risk posed by the year-end deadline for submission of binding offers by prospective bidders for the purchase of 9mobile.

Umar wrote: “The Commission is in receipt of a letter dated 29th November 2017 by which the Board of Directors of Emerging Markets Telecoms Services Ltd. (9Mobile) requested for an extension of the deadline for the submission of binding offers by prospective bidders from 31st December 2017 to 16th of January 2018.

“Having carefully considered the reasons given for the proposed extension in the letter under reference, the Commission confirms that it has no objection to the request and that the extension can be communicated to the Company.

“We thank you for your kind consideration.”

The company formerly known as Etisalat Nigeria was taken over in July 2017 following a N541 billion debt 0verhang.

Mubadala Group, the major investor from the United Arab Emirates, pulled out of Nigeria’s fourth largest mobile operator as a result of the debt owed to a consortium of 13 banks.

9mobile is being prepared for sale by Barclays Africa.

Five bidders have made the final list of potential buyers: Teleology Holdings Limited, promoted by Adrian Wood, the pioneer CEO of MTN Nigeria; Smile Telecoms Holdings, a telco operating in Nigeria, Tanzania, Uganda, Congo DR and South Africa; and Helios Investment Partners LLP, an investment company.

Others are Bharti Airtel, an Indian telco that owns Airtel Nigeria, and Globacom, the Nigerian company owned by Mike Adenuga Jnr.

The telecom regulator, NCC, and the banking watchdog, CBN, are expected to play a key role in the final decision.

RECEIVE ALERTS FROM THECABLE

BBM CHANNEL C0038F78B
WHATSAPP 08113975334
TWITTER @thecableng
Copyright 2019 TheCable. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheCable.
Advertisement

Social Comments

1 Comment

  1. Skalo
    Skalo January 02, 09:54

    Your comment..It is a welcome development provided there is sanity in the exercise.

    Reply to this comment

Write a Comment

Your email address will not be published.
Required fields are marked *

*

Advertisement
Advertisement
Advertisement

Exchange Rates

June 10, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement