By Chinedu James
The Nigerian Communications Commission (NCC) has disclosed that the transfer of 9mobile to its preferred bidder, Teleology Holdings is in its concluding stages and the sale will be completed in no time.
Six months after it been declared as the preferred bidder, Teleology Holdings have experienced difficulties in its final takeover of 9mobile.
The Executive Vice Chairman, NCC, Prof. Umar Dambatta while speaking to journalists revealed that the transfer to Teleology hit the rocks due to debts accrued overtime by 9mobile but maintained that the sale is in its final stages.
According to him, about half of the debts have been paid and the commission will see to the capacity of Teleology by carrying out another round of technical evaluation and due diligence on the company.
“9mobile owed N12b Annual Operating Levies (AOL) for two years, numbering fees of N1b and spectrum fees of N2.3b and on paying the spectrum fees, half of the AOL and half of the numbering fees, the NCC transmitted a letter of ‘No Objection’ to allow the transfer of shares to United Capital from Emerging Markets Telecommunications Services (EMTS), the original owners of Etisalat Nigeria.
“As soon as they meet the next conditions and the technical evaluation of Teleology is concluded, we will again transmit the final approval letter of ‘No Rejection’ for transfer of shares from United Capital to Teleology,” said Dambatta.
The second round of due diligence to be conducted on Teleology Holdings will lead to the completion of the sale to the firm.
Dambatta disclosed that all statutory requirements must be met to ensure a smooth transfer of 9mobile to its new owners even as the commission remains committed to the growth of the telecommunications industry.