9Mobile Sales Bid: NCC, CBN Deny Knowledge of Teleology’s $50 Million Payment

We had earlier reported the acquisition of 9Mobile by Teleology Holdings after the payment of the non-refundable $50 million. But this deal may be far from completed as NCC’s Executive Vice Chairman, Umar Dambatta, has denied knowledge of the payment.

Reps May Stop 9Mobile Sale as NCC, CBN Deny Teleology https://t.co/7glnA96Vah pic.twitter.com/SGejukJ4kd

— @Jay (@Ugunaj) April 2, 2018

At a hearing of the House of Representatives, Umar Dambatta, claims to have no knowledge of whose account the payment of $50 million non- refundable fee was made by the preferred bidder, Teleology Holdings.

Although, reports claimed that it reportedly signed a Memoranda of Understanding (MoU) with banking regulator, the CBN, a representative of CBN has also denied the payment of the fund by Teleology Holdings.

9mobile Acquisition: NCC, CBN officials claim ‘no knowledge’ of who Teleology’s paid $50m https://t.co/ZhsGn5Vaka pic.twitter.com/oywjKatUci

— Ugo Obi-Chukwu (@ugodre) March 29, 2018

As a result of these claims and petitions by the Nigerian Communications Commission (NCC), the Central Bank of Nigeria (CBN) and some of the parties owed by 9Mobile, the House of Representatives committee on Telecommunications, lead by Saheed Akinade-Fijabi, has threatened that the House of Representatives may be forced to stop the ongoing sale of 9mobile to Teleology Holdings.

9Mobile (formerly known as Etisalat Nigeria) had defaulted on a $1.2 billion loan obtained from a consortium of 13 banks led by GT Bank. This led to the pulling of the parent company, Etisalat, out of the UAE  and relinquishing its 45% stake in the telecoms company.

The Central Bank had promised to carry out a financial check on the winner of the sale, while the Nigerian Communications Commission would focus on the buyer’s technical competence and quality service to its subscribers.

With the alleged payment of the fee, there seemed to have been hope for Teleology holdings. But with this new development, the completion of the deal might not be as soon as it was expected.