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Regulators yet to conclude deal on sale of 9Mobile

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The meeting convened by the Central Bank of Nigeria (CBN), Nigeria Communications Commission (NCC) and other stakeholders to conclude the 9Mobile sales and take a stand on the deal may have ended without any agreement reached.

A source monitoring the deal told The Guardian yesterday that the meeting would likely continue today in Abuja.

The transaction for the takeover of 9Mobile was supposed to have been concluded yesterday, which happened to be the last day of the 90-days handed Teleology Holdings, which emerged the preferred bidder, to complete payment for the embattled telecommunications firm.

Teleology was supposed to pay the remaining $251 million on July 25, after paying the first $50 million non-refundable fee on March 21.

The firm was said to have kept the $251 million in an escrow account waiting for regulatory approval on the deal before final payment.

Sources claimed Teleology was given an extension of 20-days to sort out every other issue around the deal.

But the President, Association of Licensed Telecommunications Companies of Nigeria (ATCON), Olusola Teniola claimed that Teleology had made the payment.

“Teleology has already paid for 9Mobile and is awaiting NCC approval for the licence and spectrum transfer,” he stated.

The Director of Public Affairs at NCC, Tony Ojobo, had said that the CBN, NCC and others stakeholders would meet yesterday evening on the issue.

At at press time, yesterday, Ojobo was yet to get back on the matter, fueling suspicion that fresh challenges on the matter have emerged.


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