NCC gives Telelogy 90 Days to pay $450m for 9Mobile

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Danbatta
Danbatta

THE Nigerian Communications Commission, NCC, has given Teleology Holdings Limited 90 days to pay $450 million to be able to take over 9mobile Nigeria.

Prof. Umar Danbatta, executive vice chairman, NCC, told journalist in Abuja, after the NCC management paid a courtesy visit to the Central Bank of Nigeria, that “the information I have for you is that the preferred bidder has emerged and it has been told to pay, starting with a deposit of  $50 million which the preferred bidder has paid, we have information to this effect.

“What remains is for the preferred bidder to pay the balance of $450 million in the next 90 days, or less than 90 days anyway. And upon payment of that amount, 9mobile would be transferred to the preferred bidder, which is Teleology Holdings Limited.

“In the event Teleology fails to pay after the expiration of the deadline of 90 days then the reserved bidder will be considered and the reserved bidder is Smile. That is the position at the moment.”

9mobile, formerly Etisalat, had problems last year when it could not service the loan it took from a consortium of banks in Nigeria a few years ago. This resulted in the parent company Etisalat withdrawing from the company and it subsequently changed its name to 9mobile

– Apr. 11, 2018 @ 11:10 GMT |

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