9Mobile: NCC keeps mum over the emergence of Teleology as new owners

The Nigerian Communications Commission (NCC) is yet to confirm Teleology as the new owner of 9Mobile even as the telecom operator’s chief executive officer, Mr Boye Onasanya, said Teleology Holding is the preferred buyer of the telco. Onasanya’s revelation came as Barclays Africa, the financial adviser handling the sale of 9mobile, also transmitted an official […]

The Nigerian Communications Commission (NCC) is yet to confirm Teleology as the new owner of 9Mobile even as the telecom operator’s chief executive officer, Mr Boye Onasanya, said Teleology Holding is the preferred buyer of the telco.

Onasanya’s revelation came as Barclays Africa, the financial adviser handling the sale of 9mobile, also transmitted an official letter to Teleology Holdings Limited, confirming it as the preferred bidder in the sale of 9mobile, according to an online report.

Olusanya was quoted to have said Teleology Holdings emerged the best bidder in the sale process, while Smile Telecoms Holdings is considered as a reserved bidder if Teleology reneges on its bid for the multimillion-dollar company.

In a communication with members of staff, Olusanya said its lenders, presumably Barclays Africa, will now engage Teleology to finalise negotiations on the sale of the company, the report said.

“In line with my previous communications on the bid process, discussions and negotiations have put the board in a position to name Teleology Holdings as the preferred bidder for our company,” Olusanya said in the memo."

“The lenders will now engage Teleology Holdings to conclude other aspects of the negotiation and I will continue to provide updates as and when the milestone occur.”

The letter also directed Teleology Holdings to make a non-refundable cash deposit of $50 million within 21 days from the date of the letter, dated February 21, 2018, or lose the bid to the reserve bidder, Smile Holdings Limited.

 But NCC is yet to confirm the report as Teleology as the new owner of 9Mobile.

NCC’s spokesman, Mr Tony Ojobo didn’t response to calls made to his mobile line; and also didn’t reply to SMS sent it to him.

However, a senior official at the commission said NCC was yet to briefed 9Mobile. “ We are not aware that the sale has been concluded”, the official who pleaded anonymity told Daily Trust in a telephone interview Friday.

NCC had on February 1, 2018, clarified that it was yet to receive any information from Barclays Africa and 9mobile concerning the sale of 9mobile, and dismissed as speculations and reports making the rounds then, that Teleology had emerged as the preferred bidder.

  Teleology, a private equity firm with an investment portfolio of $11bn, offered more than $500 million to acquire the mobile network while Smile offered about $300 million.