Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

NCC clears the air on Teolology’s final takeover of 9mobile

Damilare Famuyiwa by Damilare Famuyiwa
September 20, 2018
in Business News, Company News
Prof Umar Danbatta, Senate to confirm reappointment of Danbatta as NCC boss, NCC reviews Telco's spectrum price, may approve hike in call, data costs
Share on FacebookShare on TwitterShare on Linkedin

Contrary to viral news reports that Teleology Holdings Limited’s takeover of embattled 9mobile is delayed as a result of $100 million debt, the Nigerian Communications Commission (NCC) has refuted the claims.

Prof Umar Garba Danbatta, Executive Vice Chairman of the commission, who was earlier quoted to have made the disclosure of the debt, said the reports were untrue. According to him, debt issue isn’t the hindrance to the takeover of 9mobile by the preferred bidder.

While describing the reports as “speculative and incorrect’’, the NCC Chief maintained that at no time did NCC or himself mention that $100 million debt was delaying 9mobile takeover.

RelatedPosts

Telecoms: NCC identifies 72 action points to implement indigenous content Policy

Nigeria’s active mobile subscriptions rises to 206 million in half-year 2022

“I want to disabuse the minds of Nigerians, that information isn’t correct; it isn’t from me or the NCC. I never made such a statement. That is clearly not our position at NCC.”  – Danbatta

Recall that NCC, alongside the Central Bank of Nigeria (CBN), have on Wednesday, August 29, concluded the sale of 9mobile to Teleology Holdings Limited. The sale of the third largest telecoms to Teleology was valued at $500 million.

Last February, Teleology Holdings had emerged as the winner of a fiercely contested bidding exercise for 9mobile’s acquisition. The bidding exercise was supervised by Barclays Africa.

News continues after this ad


But ever since Teleology’s emergence as the winner, drama, and controversies have characterised its 9mobile acquisition bid. These controversies range from opposition posed by other bidders, to the alleged refusal of banks to lend Teleology the rest of the capital it needs to finalise the acquisition bid.

Despite these issues, Teleology Holdings was optimistic that the acquisition process would go on until finalised.

The background to the entire story

The problem with Etisalat Nigeria, now 9mobile, started last year 2017 after the telco defaulted on a $1.2 billion loan it obtained from a consortium of 13 Nigerian banks led by GTBank. This caused the parent company (Etisalat of the United Arab Emirates) to pull out and relinquish its 45% stake in the company.

News continues after this ad


Following this development, the CBN restrained the Nigerian banks from taking over the telco. The CBN instead, constituted an interim board to oversee the operations of the company.

Related

Tags: 9MobileNCCtakeoverTeleology Holdings Limited

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • 24 Hours Power Supply: Ikeja Electric Sign Tripartite Agreement with Enaro Energy and Ayobo Community
    • Seplat debunks alleged impropriety in securing ministerial consent to acquire Mobil Nigeria
    • Oando Holds Successful 43rd AGM: All Resolutions Passed

    Follow us on social media:

    Recent News

    24 Hours Power Supply: Ikeja Electric Sign Tripartite Agreement with Enaro Energy and Ayobo Community

    24 Hours Power Supply: Ikeja Electric Sign Tripartite Agreement with Enaro Energy and Ayobo Community

    August 10, 2022
    Seplat Energy Chief Executive Officer, Seplat Energy Plc, Roger Brown

    Seplat debunks alleged impropriety in securing ministerial consent to acquire Mobil Nigeria

    August 10, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com