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NCC approves new owner for 9mobile

Fikayo Owoeye by Fikayo Owoeye
November 12, 2018
in Business News, Company News, Spotlight
9mobile court case. Investors sue 9mobile, Owners of 9mobile, Teleology, 9mobile, KPI, NCC, CBN
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The Nigerian Communications Commission (NCC) has approved the transfer of 9 mobile to new investor, Investment Holding Company, Teleology Holdings Limited.

According to Reuters the new investor has since constituted new directors to run the affairs of the debt-laden 9mobile.

Recall that Teleology Holdings had emerged winner of a keenly contested bidding exercise for 9mobile’s acquisition. The bidding exercise was supervised by Barclays Africa.

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

Long walk to ‘freedom’ for Teleology.

The problem with Etisalat Nigeria, now 9mobile, started last in 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.

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. Some of the affected banks have since made provisions on the loan.

Figures from NCC shows that 9mobile has been losing subscribers, in September, it had 15.36 million users, a 9 percent market share, which was down from 20 million subscribers, 14 percent share, earlier in 2017.

 

 

 

 


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Tags: 9MobileTeleology Holdings
Fikayo Owoeye

Fikayo Owoeye

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 fikayo.owoeye@nairametrics.com

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Comments 1

  1. Ofuzo says:
    November 12, 2018 at 10:07 pm

    How much (total) did they pay for the whole thing???? That is really the crux of the matter. Is it 501 million dollars that was first reported as the winning bid or is it 301 million dollars that are being bandied about as of recent????

    Reply

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