Home » Headline » 9mobile: Adenuga, Adrian Wood, others to wait till January 16th
9mobile: Adenuga, Adrian Wood, others to wait till January 16th
Mike Adenuga Jnr:

9mobile: Adenuga, Adrian Wood, others to wait till January 16th

The five companies that have been pre-qualified for the purchase of 9mobile will have to wait till January 16th 2018 following a request for extension made by the Board of the company in a letter to CBN Governor, Mr. Godwin Emefiele.

The previous deadline of December 31, 2017 could not be met, as earlier reported by Technology Times, the authoritative online ICT newspaper.

This necessitated a request for extension by the board of directors of Emerging Markets Telecoms Services Ltd, owners of the 9mobile licence.

Therefore the five bidders that made the final list of potential buyers: Teleology Holdings Limited, promoted by Adrian Wood, the pioneer CEO of MTN Nigeria; Smile Telecoms Holdings, a telco operating in Nigeria, Tanzania, Uganda, Congo DR and South Africa; and Helios Investment Partners LLP, an investment company, Bharti Airtel, an Indian telco that owns Airtel Nigeria, and Globacom, the Nigerian company owned by Mike Adenuga Jnr will have to wait.

In a letter to Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), seen by TheCable, Umar Danbatta, Executive Vice Chairman of NCC, acknowledged the risk posed by the year-end deadline for submission of binding offers by prospective bidders for the purchase of 9mobile.

Umar wrote: “The Commission is in receipt of a letter dated 29th November 2017 by which the Board of Directors of Emerging Markets Telecoms Services Ltd. (9Mobile) requested for an extension of the deadline for the submission of binding offers by prospective bidders from 31st December 2017 to 16th of January 2018.

“Having carefully considered the reasons given for the proposed extension in the letter under reference, the Commission confirms that it has no objection to the request and that the extension can be communicated to the Company.

“We thank you for your kind consideration.”

The company formerly known as Etisalat Nigeria was taken over in July 2017 following a N541 billion debt 0verhang.

 

Mubadala Group, the major investor from the United Arab Emirates, pulled out of Nigeria’s fourth largest mobile operator as a result of the debt owed to a consortium of 13 banks. 9mobile is being prepared for sale by Barclays Africa.

Five bidders have made the final list of potential buyers: Teleology Holdings Limited, promoted by Adrian Wood, the pioneer CEO of MTN Nigeria; Smile Telecoms Holdings, a telco operating in Nigeria, Tanzania, Uganda, Congo DR and South Africa; and Helios Investment Partners LLP, an investment company.

The telecom regulator, NCC, and the banking watchdog, CBN, are expected to play a key role in the final decision

Leave a Reply

Your email address will not be published.

%d bloggers like this: