NCC gives condition for buyers of 9mobile

Date:

Nigeria’s telecom regulator wants to ensure that the telecoms firm 9mobile, born out of the defunct Etisalat Nigeria, is bought by investors with the know-how to run a company in that sector, it said on Friday.

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The Nigerian Communications Commission (NCC) is looking into the financial health of telecoms firms after Etisalat Nigeria defaulted on loan repayments and was only saved from receivership last year when the central bank stepped in.

Etisalat Nigeria had taken out a $1.2 billion syndicated loan from a group of 13 local banks in 2013 but failed to make repayments last year.

Under the stewardship of its lenders, it has changed its board and management, and its name, and is now up for sale.

Barclays Africa has been mandated to look for new investors and is now examining bids from prospective buyers. However, a deal may take a few months as it will involve restructuring 9mobile’s debt.

“The Board of the Nigerian Communications Commission (NCC) has reassured Stakeholders of its commitment to ensure that the nation’s fourth largest Mobile Network Operator, EMTS/9Mobile, is duly taken over by investors with the requisite technical capability and pedigree to manage the organisation,” the board said in a statement. (Reuters)

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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