Teleology is undergoing financial, technical evaluations from Nigerian regulatory agencies

intern

April 17, 2018 2:15 PM

The Nigeria Communications Commission says it will not approve the sale of 9mobile to any bidder without technical competence.

The Nigeria Communications Commission (NCC) says Teleology Holdings Ltd, the preferred bidder of 9mobile is currently undergoing financial, technical evaluations.

The government said it will not approve the sale of 9mobile to any bidder without technical competence.

Prof. Umar Danbatta, the Executive Vice-Chairman of the commission, revealed this in an interactive session with Media Chiefs and News Editors in Lagos, on Monday, April 16, 2018.

According to the News Agency of Nigeria (NAN), Danbatta said that a preferred bidder for 9mobile had emerged with the full participation of Commission, adding that the bidder was already undergoing financial evaluation.

“Once the Central Bank of Nigeria has done the financial evaluation of the bidder, NCC will also examine the technical capacity of the preferred bidder.

“If the financial evaluation process was not done properly, the CBN would address questions on that; the examination process is meant to be open and transparent.

“The board of 9mobile was given the mandate with these requirements in mind,” he said.

Teleology Holdings Ltd

Adrian Wood, Teleology's Director, had in March 2018 confirmed that that the company transferred a non-refundable deposit of 50 million dollars to the trustees of the Nigerian bank syndicate presently holding ownership of 9Mobile.

Wood said the payment underscored Teleology’s financial capability and readiness to revive the organisation, adding it was set to aggregate a 10-point to turn 9mobile around.

“In the last few days, key executives of the organisation have been deep in meetings with the Nigerian bank syndicate, the regulatory authorities and advisors."

"Ahead of the March 22 deadline set by the Financial Advisers, Teleology has also transferred a non-refundable completion deposit of 50 million dollars to the trustees of the bank syndicate presently holding ownership of 9Mobile.

"Equally important, Teleology has detailed an ambitious plan of action that will guide its rapid overhaul not only of the network but all aspects of the operations,” Wood had said.

Teleology emerged as the preferred bidder of 9mobile in February 2018 while Smile Holdings Limited stands on the reserved seat if Teleology defaults.

intern