Umar Garba Danbatta, executive vice chairman of the Nigerian Communications Commission (NCC), says a $100 million debt is part of the things delaying the handing over of 9mobile to Teleology.Speaking on the sidelines of the ITU Telecom World 2018 conference holding in Durban, South Africa, Danbatta said the debt is outside the $1.2 billion owed to 13 banks.According to the [...]
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The board of 9mobile has agreed on the extension of the timeline for concluding the acquisition process.In a statement released on Thursday and signed by Boye Olusanya, the chief executive officer of the telecommunications company, the extension is to allow the parties involved finalise the required documentation and ensure a smooth transition to the new investor.It said the transaction will [...]
Teleology Holdings Limited has requested for a 20-day extension to pay the final bid price for the acquisition of telecommunication company, 9mobile.NAN reports that a source close to Barclays Africa says Teleology communicated its commitment to the payment of the final bid price to the apex bank days ahead of the expiration of the 90-day payment timeline, which lapses on [...]
Airtel and 9mobile, mobile network operators in the country, have opposed the transfer of an 800MHz from Visafone Communications to MTN Nigeria.Speaking in Abuja on Monday at a public inquiry organised by the Nigerian Communications Commission (NCC), representatives of the operators said transferring the spectrum to MTN could result in a monopoly.Chidozie Arinze, 9mobile's head of regulatory affairs, said spectrum [...]
Data made available by the Nigerian Communication Commission (NCC) show that Globacom and 9mobile lost 471,782 internet subscribers between March and April.According to the monthly subscribers' operator data posted on its website on Monday, the number of active mobile telephone lines increased by 11 million to stand 160 million.Internet users increased to 101.2 million in April from the 100.6 million [...]
Fidelity Bank says it has made provision for 50 percent of its loan to 9moile, telecommunications company formerly known as Etisalat.Reuters reports that Gbolahan Joshua, Fidelity's chief operations and information officer, made this known on Wednesday.Joshua said the bank placed 9mobile on a watchlist after it made the decision to increase its provisioning from five percent to 50 percent.Already, the bank [...]
Boye Olusanya, the chief executive officer of 9mobile, says the company will not accept indolence from its staff and or allow them to go beneath industrial standard.Olusanya made this known in a statement released on Friday."At 9mobile we continuously review our internal control and processes to protect the business as well as the interests of other stakeholders by ensuring we [...]
Teleology Holdings has deposited $50 million for the acquisition of 9mobile, Nigeria's fourth telecommunications network.This payment, which was made on Wednesday, beats the March 22 deadline stipulated by Barclays, the transaction adviser, as a sign of their financial capability and readiness to revive 9mobile.The company is expected to pay a balance of $500 million in the next 90 days to [...]
The Nigerian Communications Commission (NCC) has promised to ensure that 9mobile is taken over by investors with the requisite technical capability and pedigree to manage the organisation.Tony Ojobo, spokesman of the NCC, said this in a statement issued on Friday.The statement said the regulatory agency has vowed to avoid past mistakes that led to the near-collapse of Nigeria’s fourth largest mobile [...]
Boye Olusanya, the chief executive officer (CEO) of 9mobile, has finally confirmed that the telecommunications company, formerly known as Etisalat Nigeria, will be sold to Teleology Holdings.According to Olusanya, Teleology Holdings emerged the best bidder in the sale process, while Smile Telecoms Holdings is considered as reserved bidder if Teleology reneges on its bid for the multimillion-dollar company.In a communication [...]
The Nigerian Communications Commission (NCC) says the successful buyer of 9mobile will not be announced on January 16.Instead, January 16 is the deadline for all shortlisted bidders to submit their proposals to Barclays Africa, the transaction advisers.Barclays will then make a recommendation to the interim board of 9mobile, after which the winner will apply to NCC for the final stage [...]
MTN Group did not make it to the final five companies in the bid for 9mobile, TheCable can report.The top five bidders who made it to the next stage of the bid are Airtel, Globacom, Smile, Helios, and Teleology Holdings Limited. Out of the five, one will be the eventual buyer in a matter of weeks.In a memo seen by [...]
The management of 9mobile says Barclays Bank has not withdrawn as financial adviser of the 9mobile investment process.According to a statement released on its website, the company said the bank is committed to a speedy conclusion of the process."Following recent press reports relating to Barclays Africa’s role as financial advisor on the sale of 9Mobile, the board of directors of [...]
Sixteen firms have launched a bid to acquire 9mobile, Nigeria’s fourth largest network operator, according to ThisDay.In July, Etisalat Group disclosed on the Abu Dhabi Stock Exchange that it had pulled out of 9mobile, formerly known as Etisalat Nigeria.The telco had defaulted on a loan repayment scheme of $1.2 billion due a consortium of 13 local banks, citing economic downturn and [...]
Chain Reactions Nigeria, a Nigerian public relations and integrated communications consulting firm, has been named the best reputation management consulting firm in West Africa.The firm, which is an affiliate of Edelman, an international communications marketing firm with presence in 65 countries, beat two Ghanaian agencies at the 7th edition of the Nigeria brand awards organised by International Brand Award Nominees.The [...]
Zenith Bank says it has made a provision on 30 percent of its loan to 9mobile, telecommunications company formerly known as Etisalat.According to Reuters, Peter Amangbo, chief executive officer of the bank, made this known in a conference call on Monday."We have taken about 30 percent as a provision which we believe is very prudent as the company is undergoing [...]
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