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Teleology Holdings Ltd pays $50 million non-refundable fee, set to acquire 9Mobile

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Indications emerged yesterday that the preferred bidder for the acquisition of 9Mobile, Teleology Holdings Limited, has paid the $50 million non-refundable fee.
 
Though the final decision of who takes over 9Mobile still rests with the Nigerian Communications Commission (NCC), by the payment of the non-refundable fee, Teleology may eventually be given the embattled telecommunications firm.
 
The payment of the $50 million, which was foreign-sourced, according to The Guardian investigation, showed the commitment on the part of Teleology Holdings.
 
Industry source, monitoring the development, told The Guardian yesterday that the payment was concluded around 5:00 p.m. Nigerian time. By so doing, Teleology beat the March 22 deadline for the 21 days handed it to pay the fee by the financial adviser to the transaction, Barclays Africa.
 
President of the Association of Telecommunications Companies of Nigeria (ATCON), Olusola Teniola, who also confirmed the payment, said: “As I speak with you, I can tell you that Teleology has paid the $50 million. It will then be up to the regulator, whenever they are officially informed, to decide whether or not the company has all the requirements needed to be issued the licence.”
 
The NCC had in a letter by its Governing Board signed by Olabiyi Durojaiye, the Chairman and sent to Godwin Emefiele, Governor of Central Bank of Nigeria (CBN), clearly stated the three criteria that will guide the emergence of a preferred bidder for 9mobile.
 
The first is that “whichever company to qualify as successful bidder to take over 9Mobile must have the technical competence apart from financial capability to turnaround 9mobile and not further compound its problems.”
 
The second criterion is that “the successful bidder should come in with substantial funds (forex) to sustain the industry and not just recycling fund facilities already within the economy.” 
   
While the third insists that “the company that will take over should have adequate technical infrastructure on ground.”


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