Breaking: New Owner of 9Mobile ‘ll Not Emerge Jan.16, says NCC

NCC
  • Cautions Bad Press

Nigeria Communications Commission (NCC) has said the 9mobile acquisition process will not be finalized on January 16, 2018 as reported in the national dailies.

The industry regulator said the there is still long regulatory processes after the January 16 before the ownership transfer process is formally completed.

According to Tony Ojobo, Director, Public Affairs there are still processes to be followed after the January 16 deadline set for the receipt of binding offers from the prospective bidders.

 In a signed statement made available on Thursday, Ojobo further explained that Barclays Africa remains in full control of the process leading to the emergence of a new owner for the company stating that Barclays has not authorised any publication on the matter.

9mobile

Making further clarifications Ojobo the letter reads; “An approval of the request for extension of time by the 9Mobile Interim Board was given by the two regulators – Nigeria Communications Commission (NCC) and Central Bank of Nigeria (CBN). This set the deadline for the receipt of binding offers from the prospective bidders till 16th January 2018.

“But, Contrary to speculations that a “winner” will be announced on the same day (i.e. 16th of January 2018) we wish to clarify that Barclays is expected to review the bids received by the deadline and to make recommendations to the 9Mobile Interim Board thereafter.

“After which, NCC and CBN will be duly notified once the 9Mobile Interim Board accepts Barclays’ recommendations and a winning bid is determined in accordance with the terms of the exercise.

“From there the winner will now apply to NCC in order to commence the processes for securing the regulatory approvals from the Board of the NCC necessary to give full effect to the transfer.”

The telecommunication industry regulator however trust that the foregoing sufficiently clarifies the position of the transaction and that it lays to rest any apprehensions regarding the unfounded media publications on the sale.

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