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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

Nigeria Customs Service Bolsters Collaboration with Benin Republic Counterpart

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Nigeria Customs Service Bolsters Collaboration with Benin Republic Counterpart

By Ruth Akata

In an effort to strengthen the longstanding partnership between the Nigeria Customs Service (NCS) and its counterpart in the Republic of Benin, a high-powered delegation led by the Comptroller-General of Customs (CGC), Bashir Adewale Adeniyi MFR, embarked on a crucial mission to meet with the Director-General of the Customs Administration of Benin Republic on Thursday, 11 April, 2024.

The primary focus of the meeting, as outlined by the CGC, was to deliberate on strategies aimed at amplifying trade activities between the two nations and ensuring the seamless implementation of recommendations previously discussed during their rendezvous in Cotonou.

Highlighting the significance of the collaboration, the CGC underscored, “We are cognizant of the established framework for cooperation between our respective customs administrations. This framework was established at a higher level by the authorities of the heads of State, President Patrice Talon of Benin and His Excellency President Bola Ahmed Tinubu of Nigeria, both expressing a desire to work together. It is upon this foundation that the customs of both countries are united in their efforts.”

Welcoming the delegation with open arms, Mrs Adidjatou Hassan Zanouvi, the Director-General of Benin Customs Administration, reiterated their steadfast commitment to executing the mutually agreed-upon measures, emphasising the importance of thorough monitoring to ensure effective implementation.

The collaborative endeavours between the Nigeria Customs Service and the Benin Republic Customs Administration, according to her, serve as a testament to their shared commitment to facilitating seamless trade operations and ensuring the efficient management of cross-border activities for the mutual benefit of both nations.

In the meantime, during the visit, the CGC seized the opportunity to inspect ongoing projects within the Nigeria Customs Service, Seme Area Command. Accompanied by the Customs Area Controller, Comptroller Timi Bomodi, the CGC meticulously assessed the progress of the projects and received assurances of diligent oversight from the responsible authorities.

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Customs Corner

PTML Customs Command Generates N66.9b, Targets Two-Hour Clearance Time for Vehicles

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Author: Gift Wada.

The Port Terminal Multiservices Limited (PTML) Command of the Nigeria Customs Service has collected N66,920,181,586.30 as total revenue for the first quarter of 2024, which is N22,198,965,809.55 higher than N44,721,215,776.75 collected between January and March 2023, representing 49.6 percent increase.

The Customs Area Controller (CAC) of the command, Comptroller Saidu Yusuf, in a press statement signed by the Command’s Spokesperson, Chief Superintendent of Customs Muhammad Yakubu, on 13 April 2024, described the increase in revenue collection as a laudable feat.

Comptroller Yusuf, while commending the Comptroller General of Customs, Bashir Adewale Adeniyi, MFR, for initiating strategies to achieve faster cargo clearance, assured that PTML Command under his watch aims to surpass its record of three-hour cargo clearance for compliant traders.

“The launching of time release study (TRS), which is ongoing, and other deliberate efforts by the Comptroller General have contributed to expanding terminal space and promoting ease of doing business in PTML.

“The PTML command has the potential to achieve two-hour cargo clearance and surpass its existing three hours records if port users compliance level is improved,” he said.

Comptroller Yusuf, who described PTML as one of the safest and most secure environments for Roll On Roll Off (RoRo) and general cargoes, also advised importers and their agents to take advantage of the incentives available for compliant traders such as fast track, advance ruling and possible migration to the Authorised Economic Operator (AEO) status.

He reminded port users in PTML of the robust and time-conscious dispute resolution mechanism, which has contributed immensely to the revenue collection, trade facilitation, and anti-smuggling functions of the command.

While commending the various government and private sector stakeholders for their cooperation and support towards the realisation of the government’s goal for revenue collection and prevention of unlawful activities, Comptroller
Yusuf expressed optimism that the command will surpass its annual target for the year.

He described the importation of vehicles meant for Nigerian roads into neighbouring countries with the intent to smuggle them through unapproved roads into Nigeria as unpatriotic and an act of economic sabotage as the command has the capacity for seamless and efficient processing of such automobile cargoes.

For the second quarter and first half of the year, the CAC enjoined command officers to maximally deploy available technology and rededicate themselves to the job to achieve more.

He reminded port users that there is increased anti-smuggling vigilance to uncover concealment such as under declaration and smuggling of prohibited items. The CAC added that any discovered infraction will fully evoke the Nigeria Customs Service Act (NCSA) 2023, where there are spelt-out penalties.

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Customs Corner

Comptroller Jaiyeoba Commends Apapa Scanning Officers for Non-Compromise

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Author: Ibe Wada.

The Customs Area Controller (CAC) of Apapa Area Command, Comptroller Babajide Jaiyeoba, has commended Officers of the Non-Intrusive Inspection Technology Unit (NIITU) for their invaluable contributions to the overall success of the Command.

Comptroller Jaiyeoba, who paid an unscheduled visit to the scanner site, reminded the officers of the importance of teamwork in sustaining the gains of compliance and revenue collection recently recorded by the command.

In a press statement issued on Tuesday, 9 April 2024, by the Public Relations Officer, Chief Superintendent of Customs, Abubakar Usman, the CAC thanked Deputy Comptroller of Customs Salamatu Atuluku, the Scanner Manager of the scanning site and encouraged the unit not to be deterred by complaints coming from persons who were made to pay accurate duties to the government after issuance of demand notices.

According to him, no business person made to part with money will be happy with Officers who refuse to compromise the ethics of their jobs.

Addressing the officers, he said, “The main reason for me coming here is to appreciate you. I may not see you, but I have seen your work, and I won’t keep quiet about what I have seen. You are doing very well.”

He urged the Officers to remain steadfast in their commitment to integrity, emphasising that uncompromising adherence to their duties would ensure their credibility before the public and their superiors.

“For those of you doing intervention in the form of Demand Notice(DN), there is nobody who part with money that will be happy with you. They will want to play intelligent by hiding somewhere. When you fetch them from their hiding place, they become your enemy. Whatever they write about anybody here will still come down to me, and if anybody works well, the onus on me is to defend such a person”. He added.

The CAC acknowledged the challenges faced by Officers issuing demand notices, highlighting the inevitability of dissatisfaction from individuals required to pay accurate duties to the government.

He reminded the unit not to be swayed by such complaints but to focus on upholding the integrity of their work.

Comptroller Jaiyeoba encouraged the officers to remain resilient, noting that their commitment to excellence would lead to further responsibilities and recognition.

“Just have it at the back of your mind that you owe yourself the duty of doing your work diligently whether anyone comes around as a friend or enemy. It is not enough for you to rest. The reward for hard work is more work.” He concluded.

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