NCC: Incompetent investors won’t take over 9mobile

The Nigerian Communications Commission (NCC) has promised to ensure that 9mobile is taken over by investors with the requisite technical capability and pedigree to manage the organisation.

Tony Ojobo, spokesman of the NCC, said this in a statement issued on Friday.

The statement said the regulatory agency has vowed to avoid past mistakes that led to the near-collapse of Nigeria’s fourth largest mobile network operator.

NCC said it would strictly rely on the Nigerian communications act 2003, to ensure all statutory and regulatory processes are duly complied with in the emergence of new owners for the company.

“The board of the Nigerian Communications Commission (NCC) has reassured Stakeholders of its commitment to ensure that the nation’s fourth largest Mobile Network Operator, EMTS/9Mobile, is duly taken over by investors with the requisite technical capability and pedigree to manage the organisation,” he said in a statement.

“Rising from its board meeting held in Abuja on Thursday, February 22, 2018, the board affirmed its determination to avoid the recurrence of any missteps that may have led to the current situation.

“The board therefore assured all Stakeholders that the Commission will apply all necessary diligence to see the ongoing sale process through to its logical conclusion in a manner that protects the overall national interest and the seamless operation of the national telecommunications network.”

Boye Olusanya, the chief executive officer (CEO) of 9mobile, has confirmed that the telecommunications company will be sold to Teleology Holdings.

In a memo seen by TheCable, Olusanya told members of staff that Teleology Holdings emerged the best bidder in the sale process, while Smile Telecoms Holdings is considered as reserved bidder if Teleology reneges on its bid for the multimillion-dollar company.

He said its lenders, presumably Barclays Africa, will now engage Teleology to finalise negotiations on the sale of the company.

TheCable had earlier reported that Teleology, as promoted by Adrian Wood, former CEO of MTN Nigeria, is the preferred bidder for 9mobile, while Smile, a telco operating in Nigeria, Tanzania, Uganda, Congo DR and South Africa, is the reserve bidder.

While Teleology put in a bid of $500 million, Smile quoted $300 million, while Globacom, Nigeria’s second largest operator, and Helios Investment Partners LLP, an investment company, did not make any financial offer for 9mobile.