The Nigeria Communications Commission (NCC) has made a U-turn following media reports which say that the 9mobile acquisition process would be finalized today, January 16, 2018.
The industry regulator believes that the regulatory processes involved will exceed January 16 before the ownership transfer process is formally completed.
“There are still processes to be followed after the January 16 deadline set for the receipt of binding offers from the prospective bidders,” Tony Ojobo, Director, Public Affairs said in a statement made available last week.
The statement says that Barclays Africa remains in full control of the process leading to the emergence of a new owner for the company, adding that Barclays has not authorized any publication on the matter.
According to the statement, “approval of the request for an extension of time by the 9Mobile Interim Board was given by the two regulators – Nigeria Communications Commission (NCC) and Central Bank of Nigeria (CBN).
This set the deadline for the receipt of binding offers from the prospective bidders till 16th January 2018.
“But, Contrary to speculations that a “winner” will be announced on the same day (i.e., 16th of January 2018) we wish to clarify that Barclays is expected to review the bids received by the deadline and to make recommendations to the 9Mobile Interim Board after that.
“After which, NCC and CBN will be duly notified once the 9Mobile Interim Board accepts Barclays’ recommendations and a winning bid is determined by the terms of the exercise.
“From there the winner will now apply to NCC to commence the processes for securing the regulatory approvals from the Board of the NCC necessary to give full effect to the transfer.”
