CBN To Conduct Financial Check On 9mobile Buyer

The Central Bank of Nigeria is to carry out a financial check of the winner of the 9mobile auction while the Nigerian Communications Commission will focus on the buyer’s ability to provide quality service, the Executive Vice-Chairman, NCC, Umar Danbatta, has said.

“These are all measures we’re putting in place to ensure the survival of 9mobile and prevent a repeat of what happened,” Danbatta said in an interview with Bloomberg in Kano. Two companies are vying to take over the embattled operator in a process that the NCC hopes will be concluded by the end of March.

According to unconfirmed media reports, Teleology Holdings Limited and Johannesburg-based data provider, Smile Communications, are the remaining bidders. Both companies declined to comment. Barclays Africa was appointed as sale adviser, the NCC said in November.

The NCC said tougher financial health checks on the country’s biggest mobile phone companies could prevent a repeat of last year’s collapse of debt-laden Etisalat and help stabilise the industry.

Photo Caption: Executive Vice-Chairman, NCC, Umar Danbatta