Teleology to pay up the balance of $450 million for the acquisition of 9mobile

On Tuesday, Prof. Garba Umar Danbatta, Executive Vice Chairman of the Nigerian Communications Commission (NCC), while fielding questions from Journalists, said that Teleology Holdings Limited has paid $50 million and still has 90 days to pay up the balance of $450 million for the acquisition of 9mobile Nigeria Limited.

Shortly after NCC and CBN signed a Memorandum of Understanding (MoU) on financial inclusion at the CBN headquarters in Abuja. He said:

“The MoU we have signed is on mobile money service and financial inclusion. On the basis of MoU we have signed, the two organizations (NCC and CBN) have indicated commitment towards driving financial inclusion in the country as well as ensuring improvement in the mobile money service”

He further said: “The NCC has made progress of 70 percent on the target. The commission is targeting 30 percent broadband penetration by the end of 2018.

He told CBN Governor, Godwin Emefiele and its management team, saying: “The telecommunications industry has continued to record steady growth since 2001. In the last four years, the industry contribution to the nation’s GDP stands at 10 percent.”

My opinion

If Teleology company is unable to pay the balance of $450 million in the appointed time of 90 days, 9mobile might be sold to another bidder. What’s your say?

4 Comments

  1. O my God . This amount is not easy again o.. It even seems like they don’t want to really sell this 9mobile, why these huge huge amounts all the time?

  2. What is 450m,this guys really make a lot of money ooo,last 2 years Mtn was fined billions of naira,and they paid it all …..don’t pity all this telecommunications ooo they get money ooo

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