After a back and forth manoeuvring, the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have finally given Teleology Nigeria Limited the go-ahead to take over 9mobile.
Following the approval by the regulatory authorities, Teleology on Monday announced the constitution of a new Board of Directors for 9mobile.
“We thank all out-going members of the Board for helping to shepherd 9mobile through the critical transition phase it has passed through since July 2017 and wish them the very best in their future assignments’’, the company said in a statement on Monday.
It added: “For us, the composition of the new Board of Directors is another significant milestone, and this follows the issuance of final approval of no objection by the Board of the Nigerian Communications Commission (NCC) to the effect that the technical and financial bids Teleology submitted for 9mobile met and satisfied all the regulatory requirements. This is indeed the dawn of a new era in the evolution of the 9mobile brand in the Nigerian market.’’
The company named the new Board of Directors as: Nasiru Ado Bayero (Chairman), Asega Aliga (Non Executive Director), Adrian Wood (Non Executive Director), Mohammed Edewor (Non Executive Director), Winston Ndubueze Udeh (Non Executive Director), Abdulrahman Ado (Executive Director) and Stephane Beuvelet (Acting Managing Director).
The statement quoted the new Chairman of the Board, Alhaji Nasiru Ado Bayero as thanking the company’s subscribers.
“Our debt of gratitude also goes to our subscribers even as we assure them to get ready for real best-in-class additional value for their relationship with the 9mobile brand. Without you, there could not have been a 9mobile business for us to invest in today. We will justify your confidence in our brand by making significant investments that will improve the value you get for using 9mobile.”
9mobile, which formerly traded as Etisalat, ran into problem last year when it failed to pay back in full a $1.2 billion loan facility it took from a number of banks.
The loan issue made one of its major shareholders, Emirates Telecoms Group Company of United Arab Emirates (Etisalat Group), to pull out of the company’s board.
The NCC and CBN moved in to sell the company to competent telecom investor to prevent it from being taken over by the banks.
One of the buyers that signified intentions to buy the company, Teleology Nigeria Limited, emerged winner in the bid process, and even went ahead to pay $50million deposit.
The two regulatory agencies in July 2017 appointed a Board of Directors chaired by Dr. Joseph Nnanna, the Deputy Governor of the Central Bank of Nigeria, to oversee the affairs of the company pending the completion of regulatory due diligence of the bid documents submitted by Teleology and sixteen others for its acquisition.
The bid process was superintended by Barclays Africa.
With the emergence of the Board, the long process for the acquisition of 9mobile has reached a definitive end marking the beginning of a new era for the telecommunication company.
However, Daily Trust couldn’t confirm on Monday if Teleology had paid the balance $251m before it was allowed to acquire 9mobile.
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