NewsExpress advert FCMB banner Fidelity bank banner NewsExpress advert
NCC sets deadline for 9mobile takeover bid

By News Express on 12/01/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 876


Nigerian regulators have set a Jan. 16 deadline for receipt of binding offers from prospective bidders to acquire debt-laden telecom firm 9mobile, the telecoms regulator said on Thursday.

The Nigerian Communications Commission (NCC) alongside the central bank approved the deadline after 9mobile’s board requested a time extension, the NCC said.

It added that Barclays Africa will review bids submitted before the deadline and make recommendations to 9mobile.

Nigerian lenders picked Barclays Africa to try to find new investors for 9mobile after banks took over the telecoms firm, formerly called Etisalat Nigeria, for defaulting on its loan.

“The winner will now apply to NCC in order to commence the processes for securing the regulatory approvals ... to give full effect to the transfer,” the regulator said in a statement.

Etisalat Nigeria took out a $1.2 billion syndicated loan from a group of 13 local banks but struggled to make repayments due to a currency crisis and recession in Nigeria last year.

The Nigerian central bank then intervened to save the company from collapse and prevent creditors from putting it into receivership, leading to a change in its board and management, as well as the new name 9mobile.

The crisis forced the telecoms company’s one-time parent Etisalat to terminate its management agreement with its Nigerian business and surrender its 45 percent stake to a trustee following the central bank intervention.

Private equity firm Helios Investment Partners has submitted a bid to acquire 9mobile. Nigeria’s Globacom and Bharti Airtel’s local subsidiary have also submitted bids, sources say.

Since the debt issue, 9mobile, the country’s fourth biggest operator, has lost subscribers. In October its total number of users had fallen to 17.1 million, giving it a 12.2 percent market share, from 20 million subscribers with a 14 percent share earlier this year, the telecoms regulator said.

South Africa’s MTN, the market leader has 36.1 percent. (Reuters)

 

Source News Express

Posted 12/01/2018 11:05:23 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Nigerian Navy warns against civilian rights abuse

Nigeria sells N170bn in local currency bonds at...

FG mulls establishment of special courts to try...

National Economic Council probes NNPC, Federation and Excess...

Kukah insists on amnesty for Boko Haram

2 children killed in IDP Camp fire

Entering 2016 with trepidations, By Olusegun Adeniyi

RIWAMA Sole Administrator sues for better living standards,...

PDP welcomes Buhari to 2015 presidential battle, offers...

3 female suicide bombers meet waterloo; 2 kidnappers...

Recession forcing parents to give up children for...

LASG goes tough on illegal waste dumps

 

Latest News BREAKING: Senator Dino Melaye arrested, moved to SARS Headquarters UBA shareholders approve N22.23bn dividend for 2017 Lawmaker loses 10 family members in road accident Drug Abuse: Over two million bottles of codeine consumed daily in Kano Protesters storm Melaye's residence as security operatives invade premises 2018 budget: MDAs have complied with FG’s directives –Akabueze …Says 2019 elections won’t affect implementation Dangote Cement appoints Makoju Managing Director/CEO Atiku to unveil agenda for Nigeria Wednesday JOHESU Strike: FG sets up committee to review unions’ demand Sex for marks: OAU asks Monica Osagie, to appear before panel Tuesday Ekiti 2018: Buhari grants Fayemi leave of absence as minister Zamfara Govt. increases corps members’ allowance ahead of 2019 elections

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (339,684 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (334,673 views) Shameless Genevieve Nnaji exposes breasts in public (267,811 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (220,213 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (202,119 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (198,129 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (172,855 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (155,215 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (147,135 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (139,053 views) Lagos plane crash: Journalist releases victims’ names (136,913 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (129,599 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (36) Business & Economy (3,069) Business Verdict (40) Columnists (836) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (483) Features (569) Global Business Monitor (264) International (1,924) Interview (149) Live Commentary (28) Love Matters (116) News (34,705) Opinion (916) Pidgin (10) Politics (4,808) Religion (723) Sports (1,484) Stock Watch (28) AMA & Al Jazeera Global Update

 

 

NLNG Science and Literature Prize Awards

 

 

NEWS EXPRESS TV

Boko Haram commanders surrender

 

APO Group Partner

 

 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement