NCC Gives Teleology Holding 90 Days to pay $450m for 9mobile

Teleology Holdings Limited is on course to take over 9mobile Nigeria only if they are able to pay $450 within the next 90 days.

 

Nigerian Communications Commission (NCC) said that Teleology Holdings Limited would get 9mobile when it paid the balance of $450m before the expiration of 90 days deadline.

According to Prof Danbatta, is that the preferred bidder has emerged and it has been told to pay, starting with a deposit of $50 million which the preferred bidder has paid, we have information to this effect.

“What remains is for the preferred bidder to pay the balance of $450 million in the next 90 days, or less than 90 days anyway.

And upon payment of that amount, 9mobile would be transferred to the preferred bidder, which is Teleology Holdings Limited.

“In the event Teleology fails to pay after the expiration of the deadline of 90 days then the reserved bidder will be considered and the reserved bidder is Smile. That is the position at the moment, ’’ he said.

9mobile

You’ll recall that Smile Holding faulted the process in which Barclays Africa announced Teleology Holdings as the preferred bidder therefore calling for process review to ensure transparency. But there were reports last week that a board member of NCC was allegedly working very hard to shift the goalposts and force the sale of 9mobile to Smile Telecoms Holdings.

The reports claimed that the board member had written a letter to the CBN listing new criteria of “technical expertise” and “at least three years operational history” as new conditions for buying 9mobile.

The goalpost will only be shifted to Smile Holding if Teleology Holdings didn’t meet up with the deadline of 90 days

 

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15 thoughts on “NCC Gives Teleology Holding 90 Days to pay $450m for 9mobile

  1. so even in death, Smile is still alive and battling. I don’t see Teleology losing out within these 90 days since they’ve already come this far

  2. Did i just see 90 days, these guys must be raking in millions to be able to such an amount within such a short period. Should they fail, i know smile is already warming up to take ownership

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