Connect with us
nairametrics

Business News

MTN missing as 9 Mobile gets final 5 bidders

Published

on

The Executive Vice-Chairman of Nigerian Communications Commission, NCC, Professor Umar Danbatta has confirmed that five firms have emerged as bidders for troubled telco, 9Mobile (formerly Etisalat). The five bidders, are Airtel, Globacom, Smile Communications, Helios Investment Partners, and Teleology Holdings Limited. MTN was not listed among the final 5 successful bidders.

  • Teleology holdings is a joint venture between ExMTN Chief Executive Officer Adrian Wood and Ericcson.
  • Globacom is one of Nigeria’s  GSM operators and is owned by billionaire businessman Mike Adenuga.
  • Smile is an Africa focused telco with operations in Nigeria, Tanzania and Uganda.
  • Bharti Airtel Limited is an Indian global telco services company based in New Delhi, India. It operates in 18 countries across South Asia and Africa.
  • Helios, a private equity investing firm operating in Africa and based in London, United Kingdom.

Prof Danbatta also said the  next stage of the sale process after due diligence would be for the firms evidence of strong financial commitment to buy 9mobile.

He noted that authorities would not just handover 9mobile to any company, but to a very “technically and financially capable company.”

He assured that there would be seamless takeover of the company, and that whoever buys it would improve the fortune of the company.

Figures from Nigerian Communications Commission (NCC) as at October 2017, shows

GTBank 728 x 90
  • MTN had 50.7 million subscribers or 36.14% of Nigeria’s GSM market.
  • Globacom was the second largest operator with 37.4 million or 26.6% of the market share
  • Airtel 35.0 million or 25%.
  • Either firm taking over 9Mobile and its 17.1 million customers, means it would be at par with MTN.

Also for Globacom, landing 9Mobile will further increase its dominance in terms of data subscribers.

Globacom has the second largest number of internet subscribers at 26 million, slightly behind MTN that has 32 million internet subscribers amounting to one-third of the 93 million subscribers that accessed the internet through GSM as at October 2017. As call revenue deepens, income from data subscription is the next frontier for telco operators in the country.

Boye Onasanya, CEO 9mobile, said it will have more extensive discussions with the shortlisted parties, as the company gets closer to its final bidder.

Coronation ads

“We are now moving on to the next phase, with plans for more extensive DISCUSSIONS and interaction with shortlisted parties, one of whom will emerge as final bidder in the coming weeks.” Onasanya said.

Earlier, no less than 16 firms expressed interest and filed bids with Barclays, 9mobile’s financial advisor.
The companies 16 firms that submitted their Expression of Interest (EOIs) include : MTN, Airtel, Ntel, Virgin Mobile from the United Kingdom and Vodacom of South Africa.Some others are BUA Group, Morning Side Capital Partners, Obot Etiebet & Co, Blackstone Private Equity, and Hamilton and George International Limited.

It would be recalled that in July, Etisalat Group informed the Abu Dhabi Stock Exchange that it had pulled out of 9mobile, formerly known as Etisalat Nigeria, as a result of controversies surrounding the repayment of a $1.2 billion loan taken by the bank.

Since the takeover, 9mobile, the country’s fourth biggest operator, has lost subscribers. In October its total number of users had fallen to 17.1 million, giving it a 12.2 percent market share, from 20 million subscribers with a 14 percent share earlier this year.

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Companies

PZ Cusson announces retirement of Chairman, Kola Jamodu

PZ has announced the retirement Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.

Published

on

Kola Jamodu

The Board of Directors of PZ Cussons Nigeria Plc has announced the retirement of Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.

This disclosure was made in a notification signed by the Company’s Secretary, Jacqueline Ezeokwelume, and sent to the floor of the Nigerian Stock Exchange.

According to the notification issued by Mrs. Ezeokwelume, Chief Kola Jamodu will retire as a Non-Executive Director and Chairman of the Board effective 11 December 2020 to enable him to pursue other personal endeavours.

What you should know

Chief Jamodu joined PZ Cussons Group in 1974 and served in Executive positions for 24 years rising to the position of Chief Executive Officer of the Company, a position he held until he retired in 1999.

GTBank 728 x 90

He thereafter continued as a Non-Executive Chairman of the Board until 2001 when he was appointed as the Honourable Minister of Industry of the Federal Republic of Nigeria, a position he held until 2003.

He was reappointed as the Chairman of the Board of PZ Cussons Nigeria Plc in November 2014.

Deal book 300 x 250
Coronation ads
Continue Reading

Appointments

Abbey Mortgage Bank announces appointment of 6 Directors

The Central Bank of Nigeria has approved the appointment of 6 Directors of Abbey Mortgage Bank.

Published

on

Abbey Mortgage Bank announce the appointment of substantive Managing Director, and 5 Directors.

Abbey Mortgage Bank has announced the appointment of 6 Directors, including Mr. Madu Hamman as the substantive Managing Director.

The disclosure is contained in a notification, signed by the Bank’s Secretary, Geoff Amaghereon Esq. and sent to the Nigerian Stock Exchange market today, as seen by Nairametrics.

What you should know

Five (5) other Directors were appointed by the CBN – 2 Executive and 3 Non-Executive Directors.

The names and portfolios of the Directors are; Mr. Mobolaji Adewumi – Executive Director; Mr. Oladipupo Ayodele Adeoye – Executive Director; Mr. Nonso Okpala – Non-Executive Director; Professor Marius N. Umego – Non-Executive Director; and Brigadier-General John Obasa (rtd) – Non-Executive Director.

GTBank 728 x 90

The notice also mentioned that all appointments have been approved by the Central Bank of Nigeria.

Continue Reading

Obituaries

Just-in: Diego Armando Maradona is dead

Argentine football star, Diego Armando Maradona is dead.

Published

on

Argentine football star, Diego Armando Maradona is dead.

This was disclosed by the Premier League via its Twitter handle on Wednesday evening.

It tweeted, “We are deeply saddened to hear of the passing of footballing great, Diego Maradona, an extraordinarily gifted footballer who transcended the sport.

“Our thoughts and sincere condolences to Diego’s family, friends and those who knew him.”

He reportedly died of a heart attack on Wednesday at his home in the outskirts of Buenos Aires.

GTBank 728 x 90

Maradona, 60, had recently battled health issues and underwent emergency surgery for a subdural haematoma several weeks ago.

 

Coronation ads

Details soon …

Continue Reading