Teleology: Show us your technical know-how – NCC insists

ITREALMS:

The Nigerian Communications Commission (NCC) has insisted on due diligence on the sale of 9mobile to the preferred bidder, Teleology Holdings Limited starting with show of technical know-how, reports ITRealms.

According to the Executive Vice Chairman, NCC, Prof. Umar Garba Danbatta, the Commission has not shown any form of regulatory mistake but rather is bent on ensuring that due diligence is followed in the exercise.

Speaking in Lagos on Monday,  at a media parley, Genesis Hotel, Danbatta told ITRealms that due diligence may have taken a while to come, but insisted that NCC is determined to ensure everything is on the right track.

The due diligence, he also said, has been categorized into two, the one to be done by the Central Bank of Nigeria (CBN) and another by the Commission.

As said by him, after the emergence of the preferred bidder, Teleology, CBN started its financial component and until they finish, NCC cannot start its own exercise, which he described as ‘technical evaluation.’

He promised Nigerian telecom consumers that NCC would embark on its technical evaluation of the preferred bidder of 9mobile as soon as possible without leaving anything to chance.

“This will come after CBN has finished its financial evaluation of the preferred bidder,” he declared.

ITRealms recalls that the financial adviser handling the sale of 9mobile, Barclays Africa, recently named Teleology Holdings Limited as the preferred bidder, following which the company advanced the payment of $50m being the initial non-refundable 10 per cent of the bid price required to keep the interest on 9mobile alive.

Prof. Danbatta, had earlier pointed out that failure to meet the 90 days to pay up the balance of $450m, will result in losing the spot to the reserved bidder, Smile Communications.

Chuks Egbune/GEE

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