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Home Business News

9Mobile confirms Barclays Africa is still midwifing its sales transaction

Onome Ohwovoriole by Onome Ohwovoriole
December 4, 2017
in Business News, Company News
Banks involved in the Etisalat saga may have written down part of their debts
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Telecoms operator 9Mobile has denied media reports that Barclays Africa had pulled out from the sale of the firm. In a press statement posted on its website, the company denied the report, and stated that its board had full confidence in the fairness and transparency of the process.

Contrary to media speculation, Barclays Africa has also not resigned its mandate in the transaction and remains committed to a speedy and satisfactory conclusion of the process, for the avoidance of doubt.”

Prior to this

Earlier media reports had stated that the Central Bank of Nigeria (CBN) and Nigerian Communications Commission (NCC) had queried the transaction process. CBN Governor Godwin Emefiele in a press conference held after the last Monetary Policy Committee (MPC) meeting feigned ignorance  of Barclays withdrawal from the transaction. He however acknowledged that both regulators had noticed anomalies in the process.

What led to the sale 

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9Mobile (formerly known as Etisalat Nigeria) began operations in 2007. Etisalat had in July this year defaulted on a $1.2 billion loan, due to a  devaluation of the Naira. Etisalat of the UAE subsequently pulled out of the company.  The consortium were restrained from taking over the telco, but were restrained by the CB.  Several of them have however taken provisions on the loan.


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Tags: 9MobileBarclays Africa
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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