Court Hearing For 9Mobile Sale Commences

The court hearing for the sale of 9Mobile, Nigeria’s telecommunications company, has commenced.

The hearing which commenced at about 9: 25 am at the Lambo hall, Federal High Court, Ikoyi, Lagos State, Southwest Nigeria is between United capital Trustee Ltd and EMTs-Etisalat.

The hearing is coming after the Nigerian Communication Commission, NCC, warned that the telecommunications company was yet to be sold.

9Mobile

In a statement by NCC’s Director, Public Affairs, Mr. Tony Ojobo, the commission insisted that no winner had emerged on the acquisition process, dismissing insinuations that a preferred bidder had been anointed to acquire 9mobile.

“Our attention has been drawn to newspaper publications alleging that a preferred bidder has been anointed to acquire 9Mobile and otherwise speculating on the outcome of the ownership transfer process. For the avoidance of doubt, we wish to provide the following clarification and update on the process: Barclays Africa remains in full control of the process leading to the emergence of a new owner for the company. Barclays has not authorized any publication on the matter and is obliged to maintain full confidentiality thereon.

“An approval of the request for extension of time by the 9Mobile Interim Board was given by the 2 regulators – NCC and CBN. This set the deadline for the receipt of binding offers from the prospective bidders till 16th January 2018. 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”, the statement reads.

This is a developing story, please check back for latest updates.

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