9Mobile: Teleology to pay $450m in 90 days – NCC

The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Garba Umar Danbatta, said on Tuesday that Teleology Holdings Limited has paid an initial deposit of $50 million for the acquisition of 9Mobile Nigeria Limited.

He said the company has 90 days to pay the balance of $450 million upon which the ownership of 9Mobile would be immediately transferred to it.

Prof. Danbatta stated these while fielding questions from journalists shortly after the NCC and the Central Bank of Nigeria (CBN) signed a Memorandum of Understanding (MoU) on financial inclusion at the CBN Headquarters in Abuja.

He said: “The MoU we have signed is on mobile money service and financial inclusion. This followed useful work done by a committee comprising representatives from NCC and CBN which culminated in the signing of the MoU and on the basis of the MoU we have signed, the two organisations have indicated commitment towards driving financial inclusion in the country as well as ensuring improvement in the money mobile service communication.”

Prof. Danbatta, who led the management team of the NCC to the CBN Headquarters, said the Commission is targeting 30 percent broadband penetration by the end of 2018.

He said the NCC has made progress of 70 percent on the target.

He told the CBN Governor, Godwin Emefiele and his management team that the telecommunications industry has continued to record steady growth and development since 2001, adding that in the last four years the industry’s contribution to the nation’s Gross Domestic Product (GDP) stands at 10 percent.

Source: The Nation