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Deadline extension on 9mobile sale

Deadline extension on 9mobile sale

The Nigerian government has extended the deadline for completion of the sale of 9mobile to the preferred bidder Teleology Holdings.

According to officials, this is because Teleology Holdings could not pay the balance of US$251 million before the 25 July 2018 deadline.

The company blamed this development on what it described as "delayed regulatory approvals" by the Nigerian Communications Commission (NCC) and the Securities and Exchange Commission (SEC).

The agreement to extend the deadline was secured in a meeting between stakeholders including the NCC and the Central Bank of Nigeria (CBN).

Boye Olusanya, CEO of 9mobile said: "The board of 9mobile is pleased with the progress made thus far and expects the acquisition process to be completed as soon as possible. Further updates in this regard will be provided in due course."

Trouble started for the company formerly known as Etisalat when it was unable to repay a US$1.2 billion loan obtained from a consortium of Nigerian banks, forcing the Etisalat Group to exit the company and the country.

Following a bidding process, Teleology Holdings Limited emerged winner and paid the required US$50 million deposit.

In addition to completing the payment, the transfer of ownership of 9mobile to Teleology has also been stalled by legal cases instituted by some shareholders of the former Etisalat Nigeria.

NCC's Executive Vice Chairman, Prof Umar Garba Danbatta told journalist the process for the sale of 9mobile is ongoing and stakeholders are meeting "to iron out further steps to take to complete the process".

"I am assuring you that Nigerians will hear good news on 9mobile very soon," Danbatta said.

However, no new date has been announced for the completion of the deal.

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