Teleology Holding Gets 90 Days To Pay $450m For 9Mobile

Teleology Holdings Limited is currently in line to take over the embattled 9mobile Nigeria. However, this could only be possible if tye company is able to pay $450 within the next 90 days. Nigerian Communications Commission (NCC) said that Teleology Holdings Limited would get 9mobile when it paid the balance of $450m before the expiration of 90 days deadline.

According to Prof Danbatta, the preferred bidder has emerged and it has been urged to pay, starting with a deposit of $50 million which the company has paid, we have information to this effect.

“What remains is for the preferred bidder to pay the balance of $450 million in the next 90 days, or less than 90 days anyway.
And upon payment of that amount, 9mobile would be transferred to the preferred bidder, which is Teleology Holdings Limited.

“In the event Teleology fails to pay after the expiration of the deadline of 90 days then the reserved bidder will be considered and the reserved bidder is Smile. That is the position at the moment,’’ he said.

Recall that Smile Telecoms faulted the process in which Barclays Africa announced Teleology Holdings as the preferred bidder therefore calling for process review to ensure transparency. But there were reports last week that a board member of NCC was allegedly working very hard to change the current preferred bidder to Smile Telecoms Holdings.

The reports says that the board member had written a letter to the CBN listing new criteria of “technical expertise” and “at least three years operational history” as new conditions for buying 9mobile.

This simply means that Smile Telecoms Holding will take over if Teleology Holdings fail to meet up with the deadline of 90 days

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