Globacom, Bhartel Airtel are among the five final bidders for the company.
The Nigerian Communications Commission (NCC) has maintained that a successful buyer of 9Mobile (formerly Etisalat Nigeria) would be announced on January 16, 2018.
Mr Sunday Dare, Executive Commissioner, Stakeholders Affairs of NCC, disclosed that there will be no shift in date again. He also said the eventual winner will undergo extra due diligence checks to help stabilize the company.
All these. he stated, are aimed at consolidating achievements of the telecom sector.
“There would be no shifting of date, insisting that the sale must be concluded January 16 this year, and 9mobile will be handed over to its new owner on that same date.”
“Nigeria can learn a lot from the Indian telecom experience of consolidation and market competition in the development of the telecom market. The consumer in India now enjoys lots of benefits and cheap data,” he said.
The sale of the telecom operator was billed to concluded by December 2017, but it was shifted following a request made by the board of 9Mobile to the NCC. This request, the board, noted is to allow the final bidders perfect their final bids.
Also Read: One of these 5 telecom companies would soon be the new owner of 9mobile
The final 5 bidders shortlisted by Barclays Bank Africa
The bidding process was coordinated and evaluated by Barclays Africa. Owing to this, the bank in December 2017 shortlisted the final five firms that are currently bidding to get 9mobile.
These firms include Globacom, Bharti Airtel, Smile Telecoms, Teleology Holdings Limited and Helios Investment Partners.
Reasons for the selling 9Mobile (formerly Etisalat Nigeria)
9Mobile (formerly Etisalat Nigeria) took $1.2 billion loans from a consortium led by Guaranty Trust Bank (GTBank) and Access Bank Nigeria Plc. It, however, defaulted in the loan repayments due to operational reasons and crisis in the Nigerian foreign exchange market in 2015 and 2016.
This led the parent company, Etisalat International, to pull out of the Nigerian business as the creditors threaten to transfer to the company to receivership. The Central Bank of Nigeria (CBN) and the NCC prevented this move by banks and appointed an interim board for the company to lead its transformation.
Tech: 9Mobile gets new owner by January 16 – NCC
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