9Mobile: NCC Silent Over Emergence of New Owners …..Reiterates Commitment To Due Diligence

thumbnailGoing by the affirmation of the commitment of the Board of the Nigerian Communications Commission (NCC) to ensure that the nation’s fourth largest Mobile Network Operator, EMTS/9Mobile, is duly taken over by investors and the Commission’s loud silence over reports that Teleology Holdings Limited has emerged as the preferred bidder, it would be safe to say the sale process is yet to reach a logical conclusion and is still without a preferred bidder.

A statement signed by the Director of Public Affairs of the Commission, Mr. Tony Ojobo, which was made available to eBusness Life magazine, said the Board of the NCC has “assured all Stakeholders that the Commission will apply all necessary diligence to see the ongoing sale process through to its logical conclusion in a manner that protects the overall national interest and the seamless operation of the national telecommunications network.”

“Rising from its Board meeting held in Abuja on Thursday, February 22, 2018, the Board affirmed its determination to avoid the recurrence of any missteps that may have led to the current situation.  The Board also made it clear that pursuant to the powers conferred on the Commission by the provisions of the Nigerian Communications Act 2003 and other instruments in that regard, the Commission will ensure that all relevant statutory and regulatory processes are duly complied with in the process leading up to the emergence of new owners for the company” the statement said.

It would be recalled that there have been media reports saying Barclays Africa, the financial adviser handling the sale of 9mobile has given an official letter to Teleology Holdings Limited, confirming it as the preferred bidder in the sale of 9mobile.

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The letter, according to the reports, had directed to make a non-refundable cash deposit of $50 million within 21 days from the date of the letter, dated February 21, 2018, or lose the bid to the reserve bidder Smile Holdings Limited.

However the statement from the NCC was silent about Teleology Holdings emerging as preferred bidder. The Commission reassured Stakeholders that the Commission is committed to ensuring that the nation’s fourth largest Mobile Network Operator, EMTS/9Mobile, is duly taken over by investors with the requisite technical capability and pedigree to manage the organisation.

 

 

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