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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 Again Visits Families of Rice Sale Stampede Victims

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Demonstrate Unwavering Support

Author: Lucy Nyambi.

The Nigeria Customs Service (NCS) has once again expressed compassion and empathy towards the families affected by the tragic stampede that occurred during the sale of 25kg bags of rice in Lagos on 23 February 2024.

A delegation sent by the Comptroller-General of Customs (CGC), Bashir Adeniyi, led by the Assistant Comptroller-General of Customs/Zonal Coordinator Zone “A,” Hammi Swomen, visited the family of the Late Comfort Ajayi on Tuesday, 30 April 2024, in Anthony, Lagos.

Stating the purpose of the visit, ACG Swomen said, “In line with the CGC’s directive, it is an ongoing interaction and support for the families, so even after today, we will continue to keep in touch with them and see the best ways going forward that we can support them in this difficult time.

“It just tells you that the service is responsive, we are caring, we are a responsible Nigerian Government Agency, and even though those events happened outside our premises, we are still touched by it and we will continue to see the best way going forward to support these families.”

Responding, the husband of the late Comfort Ajayi, Murphy Ajayi, appreciated the delegation for their visit, saying, “They have been trying in their effort to get in touch with us and check on us. I say a big thank you, though it has not been easy, but life continues.”

In the same vein, the team also reached out to the families of late Eugene Anyanwu and late Mercy Christopher, who were also victims of the unfortunate incident on Thursday, May 2, 2024.

Sarah Anyanwu, wife to late Eugene Anyanwu
commended the gesture by the Nigeria Customs Service. She prayed to God to enable customs to succeed in their endeavours.

Similarly, Christopher Onah, husband to late Mercy Christopher, also appreciated the service for remembering and commiserating with his family during this trying period.

Recall that the delegation earlier visited the family of the late Susan Odulaja in Jibowu, Lagos, on Friday, 26 April 2024.

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Customs Corner

Nigeria Customs Launches Advance Ruling System for Effective Trade Facilitation

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Author: Muhammad Bashir.

The Nigeria Customs Service (NCS) has, in conjunction with the Nigerian Energy Support Programme (NESP), launched an auspicious scheme aimed at enhancing trade facilitation and creating a more transparent business environment for the Service’s stakeholders in trade space, named Advance Ruling.

Speaking at the venue of launching the project on Thursday, 2nd May 2024, at Envoy Avenue in Abuja, Comptroller-General of Customs Bashir Adewale Adeniyi described ‘Advanced Ruling’ as a critical mechanism that allows traders to obtain binding decisions from Customs administrations on the classification, origin, and valuation of goods before importation.

Appreciating the stakeholders and partners for gracing the event, CGC Adeniyi emphasised that the launched project will also serve as a tool for reducing compliance costs and fostering a conducive business environment for traders.

He said, “Today, we shall be taking the first step towards launching the Nigeria Customs Service Advance Ruling, starting with stakeholder engagement.”

The CGC, who recognised the significance of the project, as it aligns with the World Customs Organization (WCO) and the World Trade Organization (WTO), also emphasised its relevance in facilitating both domestic and international trade while also promoting Customs compliance.

“According to the WCO and the WTO, Advanced Ruling enhances predictability and transparency in customs procedures, streamlining trade processes and minimising delays, uncertainties, and costs associated with Customs clearance.” CGC Adeniyi added.

Commending President Bola Ahmed Tinubu for laying the ground to enhance the economy of Nigeria and supporting the Service, CGC Adeniyi emphasised that the launch of Advanced Ruling at this time aligns with the policy directive of President Tinubu’s administration to facilitate trade for legitimate traders.

He highlighted, “This is reflected in the Policy Advisory Document of the government, which signifies recent achievements, such as the approval to decongest the ports and make them free and accessible for importers and operators.”

As the Comptroller-General of Customs championed the laying of a foundation for Advance Ruling to enhance trade in Nigeria, he revealed that the Service has made all arrangements to conduct workshops and sensitisation sessions at Customs Area Commands to ensure that all stakeholders are well-informed and prepared to utilise this new mechanism effectively.

He, however, applauded the German International Cooperation Agency (GIZ) and other partners for their unwavering partnership and continued support of achieving a significant milestone in trade facilitation activities under the Nigeria Energy Support Programme.

“It is essential to acknowledge that initiatives like Advanced Ruling necessitate investments in capacity building for both officers and stakeholders. We are committed to leveraging our internal capacity while exploring collaboration opportunities with external partners like GIZ.” He said.

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Customs Corner

CGC Adeniyi’s Impersonator Knows Fate on 3 July 2024, As Federal High Court Adjourns Hearing

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Author: Muhammad Bashir.

A Federal High Court sitting in the Central Business District of the Federal Capital Territory, Abuja, has conducted a hearing of one Ibrahim Shu’aibu, a 50-year-old man, for assuming the character of the Comptroller-General of Customs, Bashir Adewale Adeniyi, among other distinguished personalities in Nigeria, to commit fraudulent activities.

The Nigeria Customs Service had, on Monday, 29 January 2024, addressed the media about the suspect’s apprehension by the Service’s Police Unit following his involvement in fraudulent activities, which included luring numerous citizens to pay him money for the issuance of job appointment letters.

During the court hearing, the lead Counsel of the Nigeria Customs Service, Abidemi Adewumi-Aluko, said the accused was arraigned on a nine-count charge to which the defendant pleaded not guilty.

Justice Binta Nyako, the presiding judge, adjourned the hearing to Wednesday, 3 July 2024, and ordered that the accused be remanded with the Nigerian Correctional Service pending the fulfilment of bail requirements.

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