9mobile For Sale

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9mobile For Sale
9mobile For Sale

Over the last two months, there have been speculations from the public about the sale of 9mobile, and it has been spoken by several that Globacom, the second largest telecommunication network in Nigeria has made moves to acquire the falling industry, but in a statement released by the CEO of Globacom, Mike Adenuga, that the company has not made such moves.

From recent developments, as regards the subject, we have discovered that there only 2 companies that are presently bidding for the ownership of the struggling 9mobile, the two companies are Teleology Holdings Limited and Smile Telecoms Holdings. Based on the bidding of the two companies, we have been able to gather that Teleology Holdings Limited is emerging gradually as the acquirer of the company.

Teleology has been able to bid a sum of $500 million while Smile Telecoms put in $300 million. Teleology Holdings Limited is a company promoted by Adrian Wood, Former CEO of MTN Nigeria, while Smile Telecoms Holdings is a telecom that has its head office in Nigeria with extensions in Tanzania, Uganda, Congo DR, and South Africa.

The two bidders have been given 30 days to prove that they have the financial capacity to handle the struggling company. We await official declaration of the new owner of 9mobile any moment from now. Airtel pulled out of the bid earlier enough, suggesting that the company in question has a lot of ”hidden facts” that they could handle.

Looking at the figures we have if Globacom or Airtel had taken over 9mobile, it would have boosted their digits up to be the largest telecoms in Nigeria based on the number of subscribers. The man called Woods has remained in the Nigerian business environs following his exit from MTN in November 2004. He has also been said to be good at creating wonderful business models.

Back in July 2017, the 9mobile was taken over by a consortium of 13 Nigeria banks following what is said to be the huge debt of about N541 billion Naira that 9mobile owes them in liabilities. This was the reason for the pulling out of the major investor of the 9mobile, Mubadala Group from the United Arab Emirates. The company was then put on sale with Barclays Africa acting as transaction advisers.

Due to licensing laws, we await the regulator of the telecoms industry, Nigerian Communications Commission(NCC), to give us the final say after the decision of the interim board.