Glo Denies 9Mobile Acquisition as Preemptive speculation

thumbnailWith reports that telecommunication operator, Globacom has acquired 9mobile, formerly Etisalat, following invitation for Expression of Interest (EoI) by the regulator, Nigerian Communications Commission (NCC), the company has denounced such report as speculative.

According to a press statement issued by Globacom, the company categorically noted: “Globacom has not acquired 9Mobile as widely reported in the media.”

It further clarifies: “We are bound by the terms of the acquisition process as stipulated by the authorities handling it and we will not in any way sway or deviate from the rules”.

While urging all stakeholders and the Nigerian public to disregard the report, the telecom firm also expressed confidence that due process is being followed in transferring ownership of 9Mobile.

“We repose confidence in Barclays Africa, the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) which are handling the process that will lead to the emergence of a new owner for the company”.

The NCC had in an earlier statement warned against media speculations as Barclays Africa remained in full control of the process leading to the emergence of a new owner, noting that Barclays had not authorized any publication on the matter and was obliged to maintain full confidentiality thereon

NCC’s Director, Public Affairs, Mr. Tony Ojobo, described any unauthorized publication in a section of the media as speculative, untrue and unfounded.

Part of the statement reads: “Our attention has been drawn to newspaper publications alleging that a preferred bidder has been anointed to acquire 9Mobile and otherwise speculating on the outcome of the ownership transfer process. For the avoidance of doubt, we wish to provide the following clarification and update on the process: Barclays Africa remains in full control of the process leading to the emergence of a new owner for the company. Barclays has not authorized any publication on the matter and is obliged to maintain full confidentiality thereon.

It will also be recalled that following a request from 9Mobile Interim Board, the Commission had extended the deadline for the receipt of binding offers from the prospective bidders from December 31, 2017 to 16th January 2018.

The need to sell 9Mobile to a new investor followed the company’s default on a loan facility and subsequent takeover bid by a consortium of banks.

 

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