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

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