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Teleology Holdings Ltd pays $50 million non-refundable fee, set to acquire 9Mobile

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Teleology Holdings Ltd pays $50 million non-refundable fee, set to acquire 9Mobile

Teleology Holdings Ltd pays $50 million non-refundable fee, set to acquire 9Mobile

 

Indications emerged yesterday that the preferred bidder for the acquisition of 9Mobile, Teleology Holdings Limited, has paid the $50 million non-refundable fee.

Though the final decision of who takes over 9Mobile still rests with the Nigerian Communications Commission (NCC), by the payment of the non-refundable fee, Teleology may eventually be given the embattled telecommunications firm.

The payment of the $50 million, which was foreign-sourced, according to The Guardian investigation, showed the commitment on the part of Teleology Holdings.

Industry source, monitoring the development, told The Guardian yesterday that the payment was concluded around 5:00 p.m. Nigerian time. By so doing, Teleology beat the March 22 deadline for the 21 days handed it to pay the fee by the financial adviser to the transaction, Barclays Africa.

President of the Association of Telecommunications Companies of Nigeria (ATCON), Olusola Teniola, who also confirmed the payment, said:

 

“As I speak with you, I can tell you that Teleology has paid the $50 million. It will then be up to the regulator, whenever they are officially informed, to decide whether or not the company has all the requirements needed to be issued the licence.”

The NCC had in a letter by its Governing Board signed by Olabiyi Durojaiye, the Chairman and sent to Godwin Emefiele, Governor of Central Bank of Nigeria (CBN), clearly stated the three criteria that will guide the emergence of a preferred bidder for 9mobile.

The first is that “whichever company to qualify as successful bidder to take over 9Mobile must have the technical competence apart from financial capability to turnaround 9mobile and not further compound its problems.”

The second criterion is that “the successful bidder should come in with substantial funds (forex) to sustain the industry and not just recycling fund facilities already within the economy.”

While the third insists that “the company that will take over should have adequate technical infrastructure on ground.”

Reports From The Guardian.

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Customs Corner

Customs, National Hospital Holds Service of Songs for Late DC Essien

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Customs, National Hospital Holds Service of Songs for Late DC Essien

… To be Awarded with Post-Mortem Promotion to Comptroller of Customs

By Abra Iruoghene

The Nigeria Customs Service and the National Hospital held a Service of Songs for the Late Deputy Comptroller of Customs in charge of Revenue Etop Andrew Essien, who passed on on June 25 2024, at the National Assembly while making a presentation before the House Committee on Public Accounts.

The Comptroller-General of Customs, Adewale Adeniyi, while speaking at the event on 23 July 2024, noted he was out of the country when he heard the sad news of Essien’s demise. He said he was greatly bereaved to lose such a professional who was an epitome of excellence.

Describing DC Essien, Adeniyi said he was someone who took on every assignment and gave the best he had. “He was always prepared with facts and figures to defend the NCS”, he added.

Adeniyi said, “If money could bring him back, the Nigeria Customs Service would have done all they could to bring him back to life. The NCS will live up to those values he died for, which are Professionalism and Sincerity. ”

Still speaking, he said, “The NCS will give the late DC a burial of heroes. A meeting has been held on his behalf, and a proposal will be submitted to the Customs Board for a post-mortem promotion to the rank of Comptroller of Customs. Also, the children are now my friends. They are the children of heroes and will be treated as such. ”

He further encouraged officers to serve wholeheartedly with discipline and professionalism. Stating those who sacrifice their lives in the Nigeria Customs Service will not sacrifice in vain but will be remembered forever.

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Customs Corner

ACG Yusuf Emphasises Thorough Inspection to Prevent Entry of Illicit Items

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ACG Yusuf Emphasises Thorough Inspection to Prevent Entry of Illicit Items

… Urges TCIP Officers to Adhere Strictly to Established Procedures

By Ibe Wada

The Zonal Coordinator of Zone A, Assistant Comptroller General of Customs (ACG) Saidu Yusuf, has emphasised the critical importance of intensifying cargo examination at Tincan Island Port to enhance national safety.

During his working visit to the command on Wednesday, 24 July 2024, Yusuf highlighted the necessity of rigorous checks to prevent the entry of expired products and illicit drugs into the country.

“We need to intensify our examination of cargo, as this is a main exercise for the Nigeria Customs Service. There is a need for thorough inspections at every stage, using the various parameters and tools provided by the service,” Yusuf stated.

“We also face issues with illicit and expired products. Beyond revenue collection, our role is to protect the lives and safety of the nation. Failure to do so could result in us becoming victims, directly or indirectly’’. He emphasised.

The ACG stressed that customs officers must adhere strictly to established procedures to ensure accountability and efficiency. “We must be diligent in all that we do to justify the actions required of us. I urge everyone not to relent in following the laid-down procedures. The Tincan Island command, under the leadership of Comptroller Dera Nnadi, has demonstrated efficiency, particularly in intercepting and seizing illicit drugs, arms, and ammunition”.

Yusuf also praised the implementation of new trade facilitation tools, including the Time Release Study and the Advance Ruling System, which have been introduced to enhance operational efficiency.

Acknowledging the ongoing efforts of the Customs Area Controller (CAC), he commended the team for their hard work under his leadership. He called for increased vigilance, especially in light of recent security challenges and rising smuggling activities.

In his address, Comptroller Dera Nnadi explained that the command is committed to its statutory obligations, which include revenue generation, trade facilitation, and securing the nations border.

“We have been creating an enabling environment for stakeholders engaged in legitimate trade, and we declared this year as the year of stakeholders in the command”, he said.

Nnadi reported that as of 24 July 2024, the command had collected six hundred and sixty-nine billion, five hundred and sixty-one million, nine hundred and forty-seven thousand naira (N669,562,947,000) and affirmed that the command remains focused on its revenue target for the year.

He also highlighted challenges, particularly regarding office infrastructure, and stressed the need for renovation.

The CAC appreciated the Zonal Coordinator for taking the time to visit the command and offer valuable advice to the officers.

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Customs Corner

Comptroller Seriki Strengthens Alliance with Oil & Gas Free Zone Authority

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Comptroller Seriki Strengthens Alliance with Oil & Gas Free Zone Authority

…Reassures of Command’s Operational Efficiency

By Vivian Daniel

The Customs Area Controller (CAC) of the PH Oil and Gas Free Trade Zone (FTZ) Command, Onne, Rivers State, Comptroller Usman Seriki, on Monday, 22 July 2024, paid a courtesy call to the Managing Director (MD) and Chief Executive Officer (CEO) of the Oil and Gas FTZ Authority, Bamanga Jada, in his office at Mable House, Onne, Rivers State, to consolidate relations with the officials.

This was contained in a press statement signed on Tuesday, 23 July 2024, by the Command Public Relations Officer, Assistant Superintendent of Customs II, Paul Gimba, on behalf of the Customs Area Controller.

According to the statement, this aligns with the policy thrust of the Comptroller-General of Customs, Adewale Adeniyi, to collaborate with stakeholders for efficiency in revenue drive, suppression of smuggling, and facilitation of legitimate trade.

The CAC assured the MD of upholding and improving the established relationship between both organisations regarding trade facilitation and supervising compliance in the Free Zone.

“This relationship is significant because it will enhance operational efficiency, trade facilitation, and regulatory compliance in the Oil and Gas Free Zone,” he re-emphasized.

The MD appreciated the CAC and the Service for contributing to the many success stories of the Free Trade Zone. He added that “this cooperation can further contribute to overall economic growth by boosting trade volume, creating a more efficient and attractive business environment in Nigeria’s Oil and Gas Zone.”

The General Manager of Operations, Oil and Gas Free Zone Authority, Adekunle Ajayi, recognised that the harmony between the two agencies has diminished bureaucratic bottlenecks and ensured seamless processes in the environment.

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