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Thursday, 27 July 2017

$1.2bn Debt: New Investors Take Over 9mobile In 6 Months

Bank of Nigeria (CBN), Mr. Godwin Emefiele, disclosed this while providing fresh insight into the telco’s operations at the Monetary Policy Committee (MPC) meeting in Abuja yesterday. According to Emefiele, the advisers have also been appointed to chart a way for new investors for the troubled telecom firm. Already, the CBN governor said potential investors had shown interest and that expression of interests would be opened with advisers advertising the bidding process to the business community.
“The company’s Advisers have been appointed to provide a process for major investors to intervene in the company and take it over. Potential investors have shown interest, so what would happen is that, these interests would be made opened; the advisers would advertise for RSP, everybody can conduct their due diligence after that.
The best will win. Therefore, we are not moved at all for the change,” he said. He also explained that the intervention by the apex bank and the telecoms regulator was done to avert possible job losses as well as protecting the interest of stakeholders.
It would be recalled that the company changed its name from Etisalat to 9Mobile after its foreign partners pulled out. 9Mobile has been facing some financial crises since Mubadala Development Company of United Arab Emirates, the company’s largest shareholder, pulled out its investment from the country.

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