BREAKING! Teleology Takes Over 9Mobile

Teleology Holdings Limited has finally taken over 9mobile.

This is coming 11 months after the company made it to the top five companies making a bid to take over the telecommunications company.

BigPen Online recalls the sale process of 9mobile was initially billed to be concluded on January 16, 2018, following an approval of the extension of the deadline by the Nigerian Communications Commission (NCC) after an initial December 2017 deadline.

However, there was report of deliberate attempts to frustrate the sale of 9Mobile, formally known as Etisalat with alleged intention to give South Africa telecommunication company, MTN upper hand in the telecom market.

But the controversy which was centered around Umar Garba Danbatta, the Executive Vice Chairman of Nigerian Communications Commission,(NCC) has been laid to rest.

The much- expected “No Objection” that now pave way for the final sale of 9mobile to the preferred bidder, Teleology who have since transferred USD$251 million, the outstanding balance, into an escrow account at the CBN since June 29, 2018, have been issued, a source privy to the transaction told BigPen Online on Monday.