By Dipo Olowookere
Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof Umar Danbatta, has disclosed that the agency was conducting another round of due diligence on the preferred bidder for 9mobile, Teleology Holdings Limited.
Addressing newsmen on Wednesday in Abuja on what was causing the delay in handing over 9mobile to Teleology months after being announced the preferred bidder, the NCC chief said the due diligence will determine whether the bid winner has the technical capacity as well as the financial resources to successfully run the beleaguered telecommunications company.
Mr Danbatta had informed journalists in April this year that Teleology had made the initial payment of $50m for 9mobile, adding that the preferred bidder had less than 90 days to pay the remaining 90 percent or $450 million.
According to him, failure by Teleology to pay the remaining $450m on schedule would make it to lose the spot to the reserved bidder, Smile Communications.
While speaking on the issue this Wednesday, the NCC boss said that as soon the technical team of the NCC was done with the latest round of due diligence, the recommendations would be sent to the board, which is in a position to give its consent for possible takeover of 9mobile.
He emphasised that the preferred bidder must fulfil all necessary conditions before it would be allowed to take over the company formerly known as Etisalat.
“There are issues but let me say we are almost done with sorting out those issues. We are presently conducting another round of due diligence on Teleology: to examine and consequently determine whether they really have the technical wherewithal to run the company effectively; and whether they really have financial capability to run well and so on,” Mr Danbatta said.
