NCC: We didn’t anoint any bidder to take over 9mobile

 The Nigerian C o m m u n i c a t i o n s Commission (NCC) has said it didn’t anoint any preferred bidder to acquire 9mobile. Some newspaper publications had alleged that a preferred bidder has been anointed by NCC to acquire 9Mobile and thereby speculated on the outcome of the ownership […]

 The Nigerian C o m m u n i c a t i o n s Commission (NCC) has said it didn’t anoint any preferred bidder to acquire 9mobile. Some newspaper publications had alleged that a preferred bidder has been anointed by NCC to acquire 9Mobile and thereby speculated on the outcome of the ownership transfer process. But NCC in a statement Thursday said the Barclays Africa remained in full control of the process leading to the emergence of a new owner for the company. “Barclays has not authorized any publication on the matter and is obliged to maintain full confidentiality thereon”, the statement signed NCC’s spokesman Tony Ojobo said.

The statement further said: “Our attention has been drawn to newspaper publications alleging that a preferred bidder has been anointed to acquire 9Mobile and otherwise speculating on the outcome of the ownership transfer process.

“For the avoidance of doubt, we wish to provide the following clarification and update on the process:

1. Barclays Africa remains in full control of the process leading to the emergence of a new owner for the company. Barclays has not authorized any publication on the matter and is obliged to maintain full confidentiality thereon.

2. An approval of the request for extension of time by the 9Mobile Interim Board was given by the 2 regulators – NCC and CBN. This set the deadline for the receipt of binding offers from the prospective bidders till 16th January 2018.

3. Contrary to speculations that a “winner” will be announced on the same day (i.e. 16th of January 2018) we wish to clarify that Barclays is expected to review the bids received by the deadline and to make recommendations to the 9Mobile Interim Board thereafter.

4. The NCC and CBN will be duly notified once the 9Mobile Interim Board accepts Barclays’ recommendations and a winning bid is determined in accordance with the terms of the exercise.

5. The winner will now apply to NCC in order to commence the processes for securing the regulatory approvals from the Board of the NCC necessary to give full effect to the transfer.

6. We trust that the foregoing sufficiently clarifies the position of the transaction and that it lays to rest any apprehensions regarding the unfounded media publications on the sale.”

The NCC said the takeover of 9mobile would not take place tomorrow contrary to media reports. According to the commission, only the deadline for the receipt of binding offers from the prospective bidders close on Tuesday, but the takeover wouldn’t happen that day. The NCC in a statement said contrary to speculations that a winner would be announced on the same day (i.e. 16th of January 2018), the preferred bidder would only be announced after recommendations from the “9mobile Interim Board”. Globacom Limited, Bharti Airtel, Smile Telecoms Holdings, Helios Investment Partners LLP and Teleology Holdings 

Our attention has been drawn to newspaper publications alleging that a preferred bidder has been anointed to acquire 9Mobile and otherwise speculating on the outcome of the ownership transfer process

Limited are all in the race to buy 9mobile, the Nigeria’s fourth largest t e l e c o m m u n i c a t i o n s provider, which ran into financial problem with some banks last year. The five shortlisted companies were selected through a process conducted by Barclays Bank, the financial adviser to the creditor banks, on December 4. The Executive Vice Chairman of NCC, Prof Umar Garba Danbatta had said in Abuja recently that the five shortlisted companies had been allowed to conduct due diligence on 9mobile. He said the Nigerian authorities would not just handover 9mobile to any company, but to a very “technically and financially capable company.” He assured that there would be seamless takeover of the company, and that whoever buys it would improve the fortune of the company.

 “But we will ensure that the takeover is done in a regulated manner, not a forceful manner. That is why the CBN and the NCC are supervising what is going on through the interim board that was jointly set up by the NCC and other partners.” 9mobile which was formerly Etisalat rebranded after its major owners in Abu Dhabi, United Arab Emirates, pulled out and a new board was inaugurated to run its affairs. This was after series of failed negotiations with its lenders over a missed payment of the $1.2billion loan taken from them in 2013