Nigeria In One Minute

Danbatta: $100m Debts Delay Takeover of 9mobile

Fresh facts have emerged on why the sale of 9mobile still lingers despite the declaration of Teleology Holdings Limited as the preferred bidder by Barclays Africa, the financial adviser handling the sale.

The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, who disclosed this in an interview with THISDAY in Durban, South Africa, revealed that the delay in handing over 9mobile to Teleology was as a result of the unpaid $100 million outstanding debts, which 9mobile was supposed to pay to equipment suppliers and contractors like Huawei, IHS and Nokia, among others.

Although he said the $100 million as well as others were classified outside the $1.2 billion loan that the telecoms company owed the 13 local banks.

He, however, explained that the payment of the outstanding sum was part of the agreement reached by the parties involved in the sale of 9mobile, before handing over 9mobile to Teleology.

He equally said the due diligent report conducted by NCC on Teleology to ascertain its technical competence in managing 9mobile, had been submitted to the NCC board, but that the board was yet to come out with a position statement, based on the findings of the report, as a result of the delayed payments by 9mobile.

THISDAY, September 19, 2018


RipplesNigeria… without borders, without fears

Click here to join the Ripples Nigeria WhatsApp group for latest updates.

Join the conversation


About the author

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.

Do NOT follow this link or you will be banned from the site!