Parties agree to extend timeline on 9Mobile acquisition

Parties to the acquisition of 9Mobile network have agreed to extend the timeline for its purchase.

According to the Chief Executive Officer, 9Mobile, Boye Olusanya, the board of the telecommunications firm is pleased with the progress made so far.

In a statement, he said: “Further updates in this regard will be provided in due course. We hereby thank our invaluable customers for their support and reiterate our continuing commitment to providing best-in-class telecommunication service.”

Although, it was silent on the specific date to conclude the deal, The Guardian learnt that the extension might be up to a month or more.

The board said the extension was necessary to enable the parties to finalise the requisite transaction documentation to facilitate a smooth closure and transition to the new investor.

It was further leant that the extension was needed to allow the Nigerian Communications Commission (NCC) to carry out its due diligence on the technical capability of Teleology Holdings to run the firm.

Executive Vice Chairman of NCC, Prof. Umaru Danbatta, had told reporters in Lagos that it would conduct due diligence before approving the takeover by the preferred bidder.

He said the regulator would ascertain the technical capability of the bidder to run the embattled telecommunications firm without issues.