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Thursday, July 26, 2018

Regulatory Issues Delay Outstanding Payment for 9mobile

Facts have emerged that lingering regulatory issues are causing serious delay in the payment of the outstanding sum of $251 million by Teleology to take full control and ownership of 9mobile. 

Teleology, which
is said to have sourced the full amount and kept same in escrow account awaiting the approval of the Nigerian Communications Commission (NCC), said it is fully prepared to make payment, when the regulatory approval is given. 

 Barclays Africa, the Financial Adviser handling the sale of 9mobile had in February 21, 2018, announced Teleology Holdings Limited as the preferred bidder for the acquisition of 9mobile and Smile Telecoms Holding as the reserve bidder.

Barclays Africa had directed Teleology to make an initial non-refundable cash deposit of $50 million within 21 days, which expired on March 21, 2018, and then pay the balance of $251 million within a deadline of 90 working days from March 21, which was supposed to expire wednesday. 

However, Teleology came up to explain that the actual expiration date to make final payment was June 30, but that it had been given additional 20 working days to make payment, following the delay in getting an approval letter from the NCC. 

● THISDAY

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