The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Garba Umar Danbatta, on Tuesday said Teleology Holdings Limited has paid initial deposit of $50 million for the acquisition of 9Mobile Nigeria Limited.
He added that Teleology has 90 days to pay the balance of $450 million, after which the ownership of 9Mobile would be immediately transferred to it.
Prof. Danbatta stated these while fielding questions from journalists shortly after the NCC and the Central Bank of Nigeria (CBN) signed a Memorandum of Understanding (MoU) on financial inclusion at the CBN Headquarters in Abuja.
He said: “The MoU we have signed is on mobile money service and financial inclusion. This followed useful work done by a committee comprising representatives from NCC and CBN which culminated in the signing of the MoU and on the basis of the MoU we have signed, the two organisations have indicated commitment towards driving financial inclusion in the country as well as ensuring improvement in the money mobile service communication.”
The NCC Vice chairman had led the management team of the NCC to the CBN Headquarters.
According to him, the Commission is targeting 30 percent broadband penetration by the end of 2018, adding that 70 percent progress on the target has been made.
The telecommunications industry has continued to record steady growth and development since 2001, he told the CBN Governor, Godwin Emefiele and his management team. a
In the last four years the industry’s contribution to the nation’s Gross Domestic Product (GDP) stands at 10 percent, Prof. Danbatta revealed.
Teleology Limited had won the bid to take over 9Mobile Nigeria Ltd and the company had on 20 March, 2018 moved a step closer to taking over the distressed company when it signed an MOU with the Central Bank of Nigeria, CBN, and 9Mobile to take full possession of the former Etisalat.
Following the signing of the MOU, Barclay Bank (the bank overseeing the takeover process) officially informed the 9Mobile board of directors and its creditors, United Bank for Africa, UBA, of Teleology’s wire instructions for the payment of the non-refundable deposit of $50 million for the takeover bid.
9Mobile is Nigeria’s fourth telecom operator.