Teleology under pressure to offset $450m to complete acquisition of 9Mobile

OREDOLA ADEOLA |

Nigeria’s fourth largest telecommunications network 9Mobile will in 90 days get new owner, if its preferred bidder, Teleology Holdings effect payment of $450 million to complete its acquisition.

This hint was disclosed by Prof. Garba Umar Danbatta, Executive Vice Chairman of the Nigerian Communications Commission (NCC) while fielding questions from journalists shortly after the NCC and the Central Bank of Nigeria (CBN) signed a Memorandum of Understanding (MoU) on financial inclusion at the CBN Headquarters in Abuja.

The NCC however warned that should Teleology failed to effect the payment after 90days deadline , the bid could be offered to its reserve bidder, Smile Communications.

He said the company has 90 days to pay the balance of $450 million upon which the ownership of 9Mobile would be immediately transferred to it.

Recall that 9mobile, formerly Etisalat Nigeria, took out a $1.2 billion syndicated loan from 13 local banks in 2013 but failed to make repayments last year.

The debt ridden telecommunication giant has been taken over by its lenders, that later changed its board, management and name and later put it up for sale.

Teleology had in March paid a sum of $50 million as deposit for the acquisition and had partnered with East Africa’s largest telecoms operator Safaricom to transform debt-laden 9mobile.

Teleology, which was set up by 12 telecoms industry veterans led by ex-MTN Nigeria executive Adrian Wood, was picked as the preferred bidder for debt-laden 9mobile, following a bid process arranged by Barclays Africa. Mauritius-registered Smile Communications, which operates mobile networks in Nigeria, Tanzania and Uganda, was named reserve bidder

Comments

MMA is a disgrace to Nigeria, the designer is a traitor – Tunde Alabi-Hundeyin writes VP Osinbajo

Oredola Adeola| Movie and Documentary producer, Tunde Alabi-Hundeyin Dudu, has exposed the level of rot at the Muritala Muhammed Airport, Lagos in an open letter written to Professor Yemi Osinbajo, Vice President. In the letter, the Documentary photographer, disclosed that the arrival system in Muritala Muhammed airport is a disgrace to Nigeria. He particularly noted that Nigeria has no aviation Minister, adding that whosoever designed the arrival system in MMA is a traitor. Tunde Alabi-Hundeyin He said, “Sir I’m directing my comments to you because I’m aware you toured that airport before the elections. They showed you the glittering lounges . However when you arrive in Nigeria or you go to receive someone arriving, it’s a horror story. It’s a total disgrace. Let me explain. “I had cause to go and welcome someone coming in from the US. We parked in the designated car park. Then the obstacles started. The path you have to trek to get to the front of the arrival hal...

2019 Hajj: Six Nigerian pilgrims die in Saudi Arabia

A middle aged woman, pilgrim from Lagos State, slumped and died in the early hours of Sunday morning in Mecca during the devil stoning ritual at Jamarat Aqaba, outside Mina, thereby bringing the number of Nigerian pilgrims that have died in this year’s Hajj in Saudi Arabia to six(6). The National Hajj Commission of Nigeria confirmed the death of the Nigerian pilgrims in Saudi Arabia . Dr Ibrahim Kana , Chairman, National Medical Team, released the figure in Madinah from the commission ’s National Medical Team Electronic Health Medical Records. The Commission had earlier said, “ So far , Nigeria has lost six pilgrims including four females and two males ; out of which one died in Madina while the remaining four died in the city of Makkah. “ They all died of various illnesses including heart and lung diseases. “ Records shows that so far in both Makkah and Madina , we have made 10,485 diagnoses with Makkah accounting for over 60 per cent. “ Additionally , 108 referrals wer...

Ajaokuta Steel plant up for sale again!

Oredola Adeola| The Federal Government through its ongoing privatisation programme has put Ajaokuta Steel Company up for sale. This was confirmed by Godwin Emefiele, Central Bank of Nigeria, Governor while briefing the Nigerian delegation at the end of the International Monetary Fund/ World Bank Group meetings in Bali, Indonesia on Sunday. The CBN Governor disclosed that the privatisation programme is coordinated by the National Council on Privatisation, while the Bureau of Public Enterprise (BPE) will be conducting a total review of the process of privatisation and payment for the steel industry to pave way for investors. He further stated that some of the country’s assets have been up for sale, under the ongoing privatisation programme, with the aim of raising more funds to finance the 2018 deficit-based budget. Recall that work commenced on the steel plant in 1979 and over $10 billion is estimated to have been spent on it so far. A recent audit report revealed that...

The Editorials

Search This Blog