NCC, CBN want parties to sale of 9mobile to observe confidentiality
Apex regulators, the Central bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have requested that parties to the sale of 9Mobile strictly observe the terms and confidentiality clauses relating to the transaction and to immediately end a media war over the process.
The parties must also refrain from fueling media speculations that could truncate the sale. A joint letter from the NCC and CBN to the Board Chairman of Emerging Markets Telecoms Services Limited, trading as 9Mobile, however restated their resolve to continue the cooperation that has guided the sale, in which they said they have “utmost faith and confidence” in the outcomes. The letter which was sighted Daily Trust in Abuja yesterday, and dated 22 March 2018, expressed dissatisfaction and concerns at malicious media reports that emanated from leaks, interviews and press statements.
jointly signed by the NCC’s Executive Vice Chairman Prof Umar Garba Danbatta and the CBN Governor Godwin Emefiele, the letter further noted that the leaks are meant to prejudice the professional judgment of the institutions involved and the final outcome of the transaction, which it described as “even more worrisome.”
“A situation where practically every interaction amongst parties is maliciously published and unprofessionally exploited in the media is unacceptable, and has to stop’’, the letter read.
Several media reports indicate the NCC will ensure due diligence and security or background checks for the group that finally purchased 9 mobile. The chairman of the NCC board, Senator Olabiyi Durojaiye, reminded all that protection the of the national interest is the most paramount and that the commission will ensure this happens. The company formerly known as Etisalat Nigeria was taken over in July 2017 following debt overhang. Mubadala Group, the major investor from the United Arab Emirates, pulled out of Nigeria’s fourth largest mobile operator as a result of the debt owed to a consortium of 13 banks. The telco is now at the final stage of being sold by Barclays Africa. Teleology Holdings Limited, who is the preferred bidder, according to media reports, claimed last week it had paid 50million dollars for the acquisition of 9mobile. But neither NCC and CBN nor Barclays have confirmed this Teleology is being promoted by Adrian Wood, the pioneer CEO of MTN Nigeria. Danbatta said that Nigerians were not left behind with services and innovations that abound in the Information Communication Technology industry. “It is our commitment to keep the nation abreast of developments in telecommunications industry through innovative and world class regulatory processes,” he said. He said that commission would soon issue directive to service providers to give 14 days’ window to subscribers to enable them roll over their unused data. “In other words, this will stop the current practice where subscribers lose unused data even if they fail to renew on the date of the expiration of the current subscription. “We have already put the service providers on special notice about our current monitoring of user experience relating to poor reception, wrong billings and deductions and will call them to account in due course,” he said.