9mobile: N15.3b owed NCC ‘delayed’ sale to Teleology, NCC says

9mobile: N15.3b owed NCC ‘delayed’ sale to Teleology, NCC says

9mobile: N15.3b owed NCC ‘delayed’ sale to Teleology, NCC says

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The ongoing sale of 9mobile formerly Etisalat Nigeria was delayed by a N15.3 billion owed the Nigerian Communications Commission by the number four mobile phone company in the country, the regulator has disclosed.

Boye Olusanya, CEO of 9mobile announced recently that deadline to close the ongoing sale of the fourth largest mobile phone in Nigeria to Teleology Holdings Limited was extended without giving the reason nor a new timeline for the transaction.

Adrain Wood of Teleology Holdings Limited, the company buying 9mobile
Adrain Wood of Teleology Holdings Limited, the company buying 9mobile

Professor Umar Garba Danbatta, Executive Vice Chairman (EVC) of NCC has dropped a hint about the cause when he explained that the debts ranging from several unpaid regulatory obligations stalled the sale, but half of the fund has now been paid.

According to Danbatta, “9mobile owed N12 billion Annual Operating Levies (AOL) for two years, numbering fees of N1 billion and spectrum fees of N2.3 billion and on paying the spectrum fees, half of the AOL and half of the numbering fees, the NCC transmitted a letter of ‘No Objection’ to allow the transfer of shares to United Capital from Emerging Markets Telecommunications Services (EMTS), the original owners of Etisalat Nigeria.


According to him, following the part payment of the debt the technical evaluation and due diligence on the sale have almost been concluded.

“As soon as they meet the next conditions and the technical evaluation of Teleology is concluded, we will again transmit the final approval letter of ‘No Rejection’ for transfer of shares from United Capital to Teleology.”Professor Umar Garba Danbatta, Executive Vice Chairman (EVC) of NCC

Boye Olusanya, CEO, 9mobile
Boye Olusanya, CEO, 9mobile

“As soon as they meet the next conditions and the technical evaluation of Teleology is concluded, we will again transmit the final approval letter of ‘No Rejection’ for transfer of shares from United Capital to Teleology.”

9mobile defaulted on a $1.2 billion loan it had obtained from a consortium of 13 banks led by GT Bank. This led to the parent company Etisalat of the UAE pulling out and relinquishing its 45% stakes in the mobile phone company.

Teleology Holdings Limited, promoted by Adrian Wood, a former MTN Nigeria CEO and some of his former colleagues, emerged preferred bidder for the acquisition of 9mobile and Smile Telecoms Holding, the reserve bidder under a government-supervised process managed by Barclays Africa.

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