The sale process of 9mobile, formerly known as Etisalat, hit a new turn on Tuesday as Bharti Airtel and Helios Investment Partners LLP petitioned industry regulators over alleged “irregularities”.
According to Technology Times, both companies have
asked regulators in the telecoms and banking sector to probe the ongoing sale process.
Umar Danbatta, deputy vice-chairman, NCC, Godwin Emefiele, governor, Central Bank of Nigeria and Hasnen Varawalla, head of corporate finance, Barclays Bank, have allegedly received letters of protest to that effect.
The alleged irregularities are centred on transparency and the inability of potential buyers to assess the true nature of the business in order to make an informed decision.
Speaking on the decision to pull out of the company’s sale, an unnamed bidder was quoted as saying they “refused to make a financial bid” for the telco.
“They said that the bankers driving the process didn’t allow access to other creditors of 9mobile and this has impaired their abilities to evaluate the true state of the company on offer from..."
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