‘Sale of 9Mobile to be concluded this month’

The sale of 9Mobile Nigeria may be concluded this month, the Managing Principal of Barclays Africa, Hasnea Varawalla has said.

He told the House of Representatives Committee on Telecommunications that February 26 has been fixed for signing of relevant documents by the successful bidder.

Varawalla told the panel headed by Saheed AkinadeFijabi (APC, Oyo) during an investigative hearing that Barclays met with selected bidders on January 26 to finalize the transaction process.

He said both the Nigeria Communications Commission (NCC) and the Securities and Exchange Commission (SEC) have approved the transaction and that bidders would conclude and sign documents on February 26.

Some members of the panel were however worried about the processes of the transactions, which they said appeared not to be in tandem with the Public Procurement Act, which could result in litigation.

They said due diligence ought to have been carried out, particularly by the Financial Adviser, before the commencement of the transaction to ascertain the financial status of the company.

After raising many observations, the panel demanded the registration form of Etisalat at the Corporate Affairs Commission (CAC); the company’s audited accounts from 2011 to date as well as other relevant documents.