The Nigerian Communications Commission (NCC) has insisted that December 31 is the deadline for the conclusion of the sales exercise and the handover of 9mobile to the successful bidder.
According to Communications Week, the Executive Vice Chairman of the NCC, Professor Umar Garba Danbatta made this known while speaking to journalists on the sideline of the 82nd edition of Telecoms Consumers Parliament, in Abuja, on Thursday. He also indicated that the five shortlisted companies had been allowed to conduct due diligence on the company.
According to Professor Danbatta, the next stage of the sale process after due diligence would be for the firm’s evidence of strong financial commitment to buy 9mobile. He assured that there would be the seamless takeover of the company and that whoever buys it would improve the fortune of the company.
“As you are aware five bidders have emerged as I am talking to you and they have been allowed to access the data room of the 9mobile in order for them to get access to the financial situation of the company and subsequently make a bid for the takeover of the company.But we will ensure that the takeover is done in a regulated manner, not a forceful manner”, he said.
Bharti Airtel, Globacom, Eight others Battle for 9Mobile as Sales Deadline of December 31st Looms – … pic.twitter.com/mtGDEGOiCn
— Technext (@technextdotng) December 13, 2017
Recall that Bharti Airtel, Globacom, Dangote’s Alheri Engineering and seven others investors have been listed as companies that are struggling to acquire 9mobile. This follows earlier reports that 16 firms have submitted expressions of interest (EoIs) to Barclays to bid for 9mobile after complying with the deadline for the submission of Expression of Interests at Barclays’ office in Ikoyi, Lagos.
The drama started when Etisalat NG defaulted on the payment of a $1.2 billion debts they owed a number of banks, banks which included many Nigerian banks and some foreign ones. This lead to the take-over of the company an the subsequent offer for sale. The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) has been instrumental in resolving the crisis so far.
This announcement indicates that the end of this journey is perhaps very near in sight.
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