The preferred bidder in the sale of debt-ridden teleco 9mobile, Teleology Holdings, has debunked rumors that it has not made the cash deposit for the purchase of 9mobile.
Teleology Holdings insisted that the money has since been paid and confirmation of receipt of payment has been sent to necessary agencies.
Recall that at a recent public hearing on the sale of 9mobile, organized by the House of Representatives, the legislators had threatened to stop the sale of the embattled 9mobile because the cash deposits could not be traced to any account and allegations of irregularities in the bidding process.
According to Thisday, a confirmation document with reference number UCT/TB/C0265/2018 signed by the Managing Director, United Capital Trustee, Mr. Tokunbo Ajayi and head of its legal services, Mr. Tadeni Balogun clearly shows the confirmation of the cash payment by united capital trustees who is the receiver-manager appointed by the consortium of 13 local banks that offered the loan facility to then Etisalat.
It is expected that Barclays Africa, the financial adviser handling the sale will notify the Central Bank of Nigeria and the Nigerian Communications Commission NCC.
The Central Bank has also promised to carry out a financial check on the winner of the sale while the Nigerian Communications Commission will focus on the buyer’s technical competence and quality service to its subscribers.
Etisalat Nigeria, now 9mobile plunged into crisis last year after it defaulted on a $1.2bn loan facility from a consortium of banks in the country.
This led to the parent company Etisalat of the UAE pulling out and relinquishing its 45%stake in the telco.
The banks were restrained from taking over the telco by the Central Bank with several of them taken provisions on the loan. The CBN also constituted a board to oversee the operations of the company. It currently commands a market share of 11.72% in the country.
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