9Mobile Sales Bid: Teleology Holdings Shares Evidence of $50m Payment

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The sale of 9Mobile, Nigeria’s fourth largest teleco, is nearly complete. According to reports by Business Day Newspapers, the preferred bidder, Teleology Holdings, has completed the payment of $301 million needed to take over the teleco.

The twists in the 9Mobile sale process seem non-stop. Just yesterday, telecom and banking regulators, the NCC and the CBN, came out to deny that Teleology Holdings had made the $50m deposit. The regulators also dismissed claims that Teleology signed MoUs with either of them to begin the transfer of the telco.

Now, Teleology has decided to clear the air on the matter.

Adrian Woods, Teleology’s promoter, has insisted that the non-refundable $50m was actually paid. In a telephone call to ThisDay, Woods said confirmation of receipt of the funds was sent out to the appropriate parties. He also said Teleology has since moved on and is looking to pay off the rest of its $500m bid sum within the 90-day period.

In a bold move, he also shared evidence of payment. The document stated that the $50m had been paid since March 21. It also showed that the deposit was made to United Capital Trustees Ltd/EMTS Enforcement Proceeds account. United Capital is a consortium of 13 banks, whom 9Mobile owes a $1.2bn loan.

The document had the signatures of two United Capital executives–Mr. Tokunbo Ajayi, Managing Director of United Capital trustees, and Mr. Tadeni Balogun, United Capital’s Head of Legal Services.

Observing the Guidelines for the 9Mobile Sale

According to reports, the 9mobile sale process required that all monies be paid to United Capital. Once deposits are confirmed, Barclays Africa, who supervises the 9Mobile sale, will inform the NCC and the CBN. The preferred bidder would be cleared to write a formal application, requesting for the transfer of 9Mobile’s licence. Only when this is done will NCC transfer ownership of the telco.

On its part, the NCC has emphasized that the sale of 9Mobile will not be decided by financial strength alone; technical capability and history in the industry are crucial.The NCC has reiterated these requirements to fellow regulator, CBN.

 


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