Why Is It So Difficult To Sell 9Mobile?
It is eight months since the preferred bidder for telecoms firm, 9mobile, Teleology Holdings Limited was announced.
But the deal is still hovering in the air.
On Wednesday, it came to light that the Nigerian Communications Commission, NCC is conducting another round of due diligence on Teleology.
The due diligence will determine whether the bid winner has the technical capacity as well as the financial resources to successfully run the beleaguered telecommunications company.
Answering a question from journalists on the lingering takeover of the telecommunications company in Abuja on Wednesday, the Executive Vice Chairman, NCC, Prof Umar Danbatta, said the commission would soon report to its board.
He added that the preferred bidder must fulfill all necessary conditions before it would be allowed to take over the company formally known as Etisalat.
Danbatta said: “There are issues but let me say we are almost done with sorting out those issues. We are presently conducting another round of due diligence on Teleology: to examine and consequently determine whether they really have the technical wherewithal to run the company effectively; and whether they really have financial capability to run well and so on.”
The NCC helmsman in April told journalists that Teleology had made the initial payment of $50 million for 9mobile, adding that the preferred bidder had less than 90 days to pay the remaining 90% or $450 million.
According to Danbatta, failure by Teleology to pay the remaining $450m on schedule would make it to lose the spot to the reserved bidder, Smile Communications.
The NCC boss said that as soon the technical team of the NCC was done with the latest round of due diligence, recommendations would be sent to the board, which is in a position to give its consent for possible takeover of 9mobile.
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