NCC, CBN meet key stakeholders today over 9mobile sale

The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) will today meet with key stakeholders in the sale process of 9mobile.

The meeting will discuss ways to conclude the takeover of the telecom company, the NCC’s Executive Vice Chairman, Prof Umar Garba Danbatta said.

Etisalat now 9mobile 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.

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 Holdings Limited, emerged winner in the bid process, and even went ahead to pay $50million deposit. But it has yet to take over the company due to a number of legal issues by shareholders.

However, Prof Danbatta while speaking with journalists after receiving awards from African Achievers Award at NCC headquarters in Abuja yesterday said Nigerians would soon hear good news on the sale process of 9mobile.

The NCC and other key stakeholders, he said, would meet today (Tuesday) at the commission to discuss way forward on the sale process.

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