Why preferred bidder is yet to takeover 9mobile ncc
9mobile, formerly Etisalat Nigeria, has been undergoing a process of restructuring and sale since 2017. The Nigerian Communications Commission (NCC) had earlier announced that the preferred bidder for the acquisition of 9mobile was Teleology Holdings Limited, a consortium of investors led by Adrian Wood, a British businessman.
However, the takeover process has been delayed due to several reasons, including:
- Lack of regulatory approval: Despite being announced as the preferred bidder, Teleology Holdings Limited has not received the necessary regulatory approval from the NCC. The commission has raised concerns about the consortium's ability to meet the financial requirements and technical specifications for the acquisition.
- Financial issues: Teleology Holdings Limited has been facing financial difficulties, which has raised concerns about its ability to complete the acquisition. The consortium has been struggling to raise the necessary funds to complete the deal.
- Dispute over ownership structure: There have been disputes over the ownership structure of Teleology Holdings Limited, with some stakeholders questioning the composition of the consortium and the role of certain individuals.
- NCC's concerns over due diligence: The NCC has expressed concerns over the due diligence process conducted by Teleology Holdings Limited, citing incomplete or inaccurate information provided by the consortium.
- New bidders emerge: In recent times, new bidders have emerged, including Smile Telecoms Holdings, a subsidiary of Smile Communications, a telecommunications company operating in several African countries. Smile Telecoms Holdings has submitted a revised bid for 9mobile, which has raised concerns about the original preferred bidder's ability to complete the acquisition.
- NCC's review of the bidding process: The NCC has announced a review of the bidding process for 9mobile, citing concerns over the integrity and transparency of the process. This review may lead to a re-evaluation of the bids and a possible re-announcement of a new preferred bidder.
As a result of these issues, the takeover of 9mobile by Teleology Holdings Limited has been delayed, and the NCC has not yet given the green light for the acquisition to proceed. The commission is expected to make a final decision on the matter in the coming weeks or months.