Teleology Holdings are concluding plans to takeover 9mobile tomorrow – Femtoptech

Teleology Holdings are concluding plans to takeover 9mobile tomorrow

August 27, 2018
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Teleology Holdings will be making final preparations to takeover 9mobile as the 90-working days given Teleology Holdings to conclude the deal for take-over of 9Mobile would lapse tomorrow.

Teleology Holdings are concluding plans for takeover 9mobile tomorrow

Sources close to Teleology has confirmed that the $251 million outstanding payment is already available, the company is just waiting for regulatory approval from the Nigerian Communications Commission (NCC) and the Securities and Exchange Commission (SEC).

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A source from Guardian has earlier mentioned that Teleology has requested for a 20-days extension, in his words,

“It had requested 20 working days’ extension from the Central Bank of Nigeria (CBN) to enable it to perfect the process for the final payment as stated in the acquisition agreement,”

Stating the requirement for takeover, Professor Umaru Danbatta who is the Executive Vice Chairman of NCC said before an approval can be given for 9mobile takeover, it would do due diligence on the firm to determine its technical capability to run the telecommunications firm.

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On his part, Director of Public Affairs for NCC, Tony Ojobo said that stakeholders will meet today to discuss concerning the deal. The stakeholders will include CBN, NCC and other industry groups.

 Confirming the takeover payment for Teleology, President of the Association of Licensed Telecommunications Companies of Nigeria (ATCON), Olusola Teniola in a text message said,

“Teleology has already paid for 9Mobile and awaits NCC’s approval for the licence and spectrum transfer.”

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