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Telecom firm denies buying 9mobile

January 12, 2018 6:04 PM

Globacom has categorically denied media reports insinuating it is set to acquire 9mobile.

Telecommunications company, Globacom, has distanced itself from media reports insinuating that it is the preferred bidder to acquire competitor

In a press statement issued in Lagos, Friday, Globacom made it clear that "it has not acquired 9Mobile as widely reported in the media.”

The company added that, "We are bound by the terms of the acquisition process as stipulated by the authorities handling it and we will not in any way sway or deviate from the rules.

“We repose confidence in Barclays Africa, the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) which are handling the process that will lead to the emergence of a new owner for the company”.

New name

In July 2017, Etisalat International and Mubadala Development company pulled out of the Nigerian arm, following Etisalat Nigeria's debt problem with a consortium of banks.

The company wanted a restructuring of its $1.2B loan and suggested the debt be repaid in Naira. The banks would have none of it.

Etisalat Nigeria will go on to be rechristened and rebranded as 9mobile.