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Tag: 9Mobile

  • 9mobile reacts to court judgement nullifying sale to Teleology

    On Thursday, news went viral that the sale of 9mobile to Teleology Nigeria Limited has been voided by a Federal High Court sitting in Abuja.

    However, the management of Emerging Markets Telecommunication Services (EMTS) Ltd, which is trading as 9mobile, has appealed to stakeholders and subscribers of the network to remain calm.

    In a statement yesterday, the company said the “matters are under control and we are working with our team of legal counsels to follow through as deemed necessary.”

    But it described reports as “incorrect, misleading, mischievous and a total falsehood,” insisting that the “Federal High Court, Abuja did not nullify the sale of EMTS.”

    The management explained in the statement that “the court on 1st April 2019 made an order for parties to maintain status quo as at April 25, 2018,” noting that, “as at the said date, EMTS (9mobile) was not a party to the suit before the court.”

    “The action before Justice Binta Nyako of the Federal High Court is not about the sale of EMTS (9mobile) but rather, the transfer of the license even without locus standi,” it stated.

    “EMTS (9mobile) has however appealed the order and also sought an injunction pending appeal at the Court of Appeal,” it said.

    Clarifying the recent reports, Company Secretary/Legal Adviser, 9mobile, Ore Olajide said, “The sale of 9mobile to Teleology Nigeria Limited has not been nullified.

    “The court made an order to maintain status quo as at April 25, 2018 when EMTS was not a party to the suit and we have appealed the ruling as well as sought an injunction pending appeal at the Court of Appeal”.

    Concluding, the management said it “remains focused on providing best in class telecommunication services to its subscribers and will provide necessary updates in due course.”

     

  • 9mobile appoints Phillips Oki as new Chief Financial Officer

    Mr Phillips Oki has been announced as the new Chief Financial Officer (CFO) of 9mobile, Nigeria’s fourth largest telecoms firm.

    Mr Oki is an economist and a Fellow of the Institute of Chartered Accountant of Nigeria (FCA), and also a project manager, who has delivered projects across multi-disciplinary organisations like Adam Smith International, United Kingdom, among others.

    A statement issued by the company on Monday in Lagos said the new CFO emerged as the best person for the position after a metoiculous search process.

    According to the Acting Managing Director of 9mobile, Stephanie Beuvelet, the new appointee has since resumed duty and the management expressed optimism that his experience will count in providing strategic financial leadership for the organisation.

    “The new Chief Financial Officer brings to 9mobile over two decades of cognate work experience in functional areas across financial accounting and management, audit, business and project management, financial reporting, and budgeting.

    “With robust experience cutting across private and public sectors, including the academia, Oki possesses a rare blend of invaluable insights and working knowledge in the vast field of finance.

    “Prior to joining 9mobile, Oki’s career progressed steadily over time across organisations where he played strategic roles resolving challenges innovatively and creating commendable solutions,” Beuvelet said.

    The CEO added that, “We are excited to have Oki with us. Finance is a huge part of any business, especially one like ours in a competitive telco space where it continues to be imperative to have operational costs within healthy bounds.

    “We are confident that Oki will leverage his wealth of experience to inspire the finance team to deliver on their mandate.”

     

  • Buhari diverted N1.032trn, bought Keystone, 9Mobile – PDP

    The Peoples Democratic Party (PDP) Presidential Cam paign Organization (PPCO) has accused President Muhammadu Buhari of diverting N1.032 trillion meant to purchase arms for soldiers fighting terrorists in the North-East to buy Keystone Bank and 9Mobile.

    The Presidency has challenged the PDP and its presidential candidate, Alhaji Atiku Abubakar, to bring out evidence to back up their claims.
    Also, the Presidential Campaign Council of the All Progressives Congress (APC) accused the PDP and its presidential candidate of peddling falsehood over the purported acquisition of Keystone Bank and Etisalat (9Mobile) by members of the Buhari family.

    Director, Media and Publicity of PDP Presidential Council, Kola Ologbondiyan, at a press conference yesterday, called on INERPOL, Department of State Services (DSS), and the Economic and Financial Crimes Commission (EFCC) to investigate the alleged diversion of military funds by Buhari’s family.

    “We call for an urgent investigation into the alleged link between the reportedly diverted military funds and the N1.032 trillion said to have been used by President Muhammadu Buhari’s family members for corrupt acquisition in 9Mobile Nigeria and Keystone Bank Plc.,” Ologbondiyan said.

    He stated that investigation has become imperative following President Buhari’s failure to directly speak out on the allegations against his family members, as well as explain how they came about the sum of N1.032 trillion for the alleged acquisition.

    “We make this demand in view of public insinuations that the money may have been sourced from funds meant for the purchase of weapons for our soldiers.

    “More so, the presidency has blatantly refused to respond to allegations that military fund is being used to finance President Buhari’s re-election campaign, which even manifested in the use of military resources to produce APC’s campaign materials, including an electronic memento book by the Minister of Defence, Brig-Gen. Mansur Muhammad Dan-Ali,” he added.

    According to him, the president, on two occasions, had opportunities to offer explanations, which he failed to do.

    Number one, he stated, was at the launch of his campaign rally in Akwa Ibom State, as well as during his New Year message to Nigerians.

    Ologbondiyan expressed worry at the disturbing videos of Nigerians soldiers languishing and some being killed by insurgents due to neglect and failure of the Buhari administration to adequately equip them in the fronts.

    “This should not be the way to go for our nation. Our soldiers are brave and have continued to show the highest form of professionalism and unmatched patriotism in risking and laying down their lives in defence of fatherland.

    “Therefore, any action by anybody that is capable of reducing their morale in the fronts must never be allowed,” he said.

    But speaking yesterday on Channels TV programme, Politics Today, Special Adviser to the President on Media and Publicity, Mr. Femi Adesina stated that on account that PDP looted the treasury while in government, it assumes that the President would do same.

    Adesina said: “The allegation is not even worth responding to. During the PDP reign, no money was sacred; Excess Crude Account, they looted it; Federation Account, they looted it; Central Bank, they looted it; Foreign reserve, they looted it. No money was sacred; they could steal anything.
    “In fact, it is a miracle that the entire country was not completely looted before they left. And that is why they now think that every government is going to be like them.

    “Last week, they threatened to bring evidence to support their allegations, why have they not brought it? I think it was not even worth responding to because it shows that they were idle. If they were not idle, they will come out with evidence and show Nigerians.

    “No, if they bring evidence to back what they are saying, then the onus is on the president himself to respond. But when the allegations are wild like they are, then the best thing is just to ignore them. And you said Nigerians want an answer; I don’t think so. Nigerians know the PDP for what they are; idle people.”

    On allegation that funds meant for military in the fight against insurgency are diverted, Adesina said: “Again, we know that $2.1 billion was diverted under the PDP; money meant for arms and ammunition. So, they have a throwback at the past. They are thinking that because it happened under them, it can happen under anybody. But they missed it, not under this present administration.”

    Also, Director, Strategic Communications, APC Presidential Campaign Council, Mr. Festus Keyamo (SAN) said that given the rebuttal by the investors in Etisalat and Keystone Bank that the family members of President Buhari have nothing to do with both companies, the PDP ought to have known that the information was fake.

    Keyamo said that the bid by the opposition party and its presidential candidate to continue on the path of false allegations was an indication that the PDP Presidential Campaign was fast collapsing.

    “The result of the fact-check which was published in some news outlets clearly shows the depth of desperation, deceit and debauchery to which the Atiku campaign has sunk. They have no moral compass, no scruples, no direction in their present attempt to smear just everyone in sight in order to run a campaign of ‘we-are-all-corrupt.’

    “Rather than respect the feelings of Nigerians by offering clear-cut responses to straight-forward allegations of tax evasion, grand corruption in and out of office, impending sealed indictment waiting for him in the U.S., Atiku Abubakar has decided to drag the world down with him as he goes down in a blaze of infamy. He has decided to go wild with wild, unsubstantiated allegations against the President and Vice President, throwing caution to the wind in the process.

    “We alerted the public about this impending avalanche of fake news a few days ago. This is the classic hallmark of a sinking campaign boat, clutching at straws, as Nigerians have woken up to the realisation that these are deceitful people who have nothing to offer,” he said.

    Keyamo urged Atiku and the PDP to apologize to Nigerians and especially the family of the President for adopting what he described as “unwholesome tactics” and “tales by moonlight” that have clearly backfired.

    He lamented that the public space has become full of jokes about President Buhari buying the whole of Dubai, Abu Dhabi, the National Stadium and even the Presidential Villa.

    “Instead of making a mockery of a serious campaign with such infantile lies, Atiku Abubakar should admit it is all over for him and the PDP, throw in the towel and endorse the candidacy of President Buhari. We would be sad to see that happen because democracy desires a healthy contest, a serious challenger and a competent opposition. But as it is, with nothing more to campaign about, it is the only way for him and his party to save face and still retain some modicum of honour before the Nigerian people for future engagements,” he said.

  • Drop re-election bid, clear your name in 9 Mobile, Keystone Bank scams, PDP tells Buhari

    The Peoples Democratic Party (PDP) Presidential Campaign Organisation has called on President Muhammadu Buhari to drop his re-election bid over his alleged involvement in the acquisition of shares in a telecom giant, 9 Mobile and Keystone Bank.

    The President, the main opposition party said, no longer has the moral standing to seek re-election until he addresses the allegation.

    The presidential candidate of the PDP, Alhaji Atiku Abubakar had, in a statement on Wednesday, accused Buhari of soiling his hands in the alleged acquisition of shares in 9 Mobile and Keystone Bank Plc.

    Addressing newsmen in Abuja on Thursday, spokesman for the PDP Campaign, Kola Ologbondiyan, said the President should perish the thought of going ahead with his campaign without clearing his name.

    Stating the issue borders on Buhari’s integrity, Ologbondiyan urged the President not to bring his exulted office into disrepute.

    The campaign said: “The PDP Presidential Campaign challenges President Buhari to explain how his family members came about the sum of N1.032 trillion for this scandalous acquisition.

    “Nigerians are not interested in mere rhetoric or attempts by the Buhari Presidency to divert public attention from the issue at hand, but demand that President Buhari, who hitherto prides himself as Mr. Integrity, squarely addresses these grave issues in person.

    “This is not an issue for President Buhari’s aides to howl about in the media, it touches directly on his person, particularly his perception as a symbol of the Talakawas. He must therefore address them on this issue.

    “It is a norm that he who comes to equity must come with clean hands. President Buhari and his family members have entangled themselves in corruption.

    “Mr. President’s hands can no longer be said to be clean, until he proves otherwise.

    “The PPCO wants Nigerians and the whole world to note that President Buhari’s refusal to personally address this matter means consent.

    “We, therefore, dare President Buhari to put forth a denial on this disclosure by our candidate and we will spare no thoughts in furnishing the public with details of his corrupt activities within and outside Nigeria.”

    It added: “Our party has full details of how persons related to President Buhari, by consanguinity and affinity, have been paved the way to loot trillions of naira from government agencies for corrupt acquisition of shares in major companies, purchase expensive property within and outside Nigeria, as well as to finance their very luxury lifestyles, under Mr. President’s cover.

    “In fact, no Nigerian has made more money in the last three and half years than relations of President Buhari, many of whom have found themselves controlling stupendous wealth frittered from our economy, yet our President is asking Nigerians to get ready for more hardship in the coming year.”

  • Teleology takes control, announces new board for former 9mobile

    Teleology has formally taken control of Nigeria’s troubled telecommunication company, 9mobile, by appointing a new board of directors headed by 54 year-old Nasiru Ado Bayero.

    Stephane Beuvelet will serve as acting managing director, according to a statement by Mohammed Edewor, a new Non-Executive of 9mobile.

    The appointment of the board followed followed the exit of the CBN appointed board and the transfer of ownership of the firm to the new investors, Teleology Nigeria Limited.

    Other members of the board are: Asega Aliga (Non-Executive Director), Adrian Wood (Non-Executive Director), Mohammed Edewor (Non-Executives Director), Winston Ndubueze (Non-Executive Director) and Abdulrahman Ado (Executive Director).

    “As we begin this epochal phase, we wish to thank all employees who built this viable business. Our debt of gratitude also goes to our subscribers even as we assure them to get ready for real best-in-class additional value for their relationship with 9mobile brand.

    “Without you, there could not have been a 9mobile business for us to invest in today.

    We will justify your confidence in our brand by making significant investments that will improve the value you get in using 9mobile.”

    Edewor thanked the outgoing members of the board, headed by Dr Joseph Nnanna, for helping to shepherd 9mobile through the critical transition phase it has passed through since July 2017.

    The CBN in collaboration with the Nigerian Telecommunication Commission (NCC), in July 2017, appointed a board of directors chaired by Nnanna, a Deputy Governor of CBN, to oversee the affairs of the company pending the completion of regulatory due diligence of the bid documents submitted by Teleology and 16 others.

    The bid process was midwifed by Barclays Africa.

    9mobile’s new Chairman Bayero, is a graduate of Mass Communication from University of Maiduguri.

    He is the Chiroma of Kano and district head of Nassarawa in the state.

    He is familiar with boardroom politics being a director of Platform Petroleum Ltd., Sahelian Energy & Integrated Services Ltd., Seplat and Intels.

    Bayero also worked at Continental Merchant Bank from 1988 to 1989, Coastal Corporation (Oil & Gas Company), Houston, Texas from 1990 to 1991 and Hamlet Investment Inc from 1991 to 1992.

    He is the Chairman of Endo Limited, a Nigerian company providing currency operation support services to the CBN.

     

  • From Etisalat to 9mobile, from 9mobile, now formally Teleology

    After metamorphosing from Etisalat, Teleology has formally taken over the management of 9mobile, and announced the constitution of a new board of directors for the company in Lagos on Monday.

    The constitution of the new board followed the successful completion of the tenure of the former board appointed by the Central Bank of Nigeria (CBN) and in fulfillment of the consequential transfer of final ownership to the new investors, Teleology Nigeria Limited.

    “We thank all out-going members of the board for helping to shepherd 9mobile through the critical transition phase it has passed through since July 2017 and wish them the very best in their future assignments.

    “For us, the composition of the new board of directors is another significant milestone, and this follows the issuance of final approval of no objection by the board of the Nigerian Communications Commission (NCC) to the effect that the technical and financial bids Teleology submitted for 9mobile met and satisfied all the regulatory requirements.

    “This is indeed the dawn of a new era in the evolution of the 9mobile brand in the Nigerian market.

    “Members of the new board of directors are: Nasiru Ado Bayero (Chairman), Asega Aliga (Non Executive Director), Adrian Wood (Non Executive Director), Mohammed Edewor (Non Executive Director). Winston Ndubueze Udeh (Non Executive Director). Abdulrahman Ado (Executive Director) and Stephane Beuvelet (Acting Managing Director)

    The company said that the new Chairman of the board had warmly received the appointment, “as we begin this new epochal phase, we wish to thank all the employees who built this viable business.

    “Our debt of gratitude also goes to our subscribers even as we assure them to get ready for real best-in-class additional value for their relationship with the 9mobile brand.

    “Without you, there could not have been a 9mobile business for us to invest in today. We will justify your confidence in our brand by making significant investments that will improve the value you get for using 9mobile.”

    The CBN in collaboration with the NCC, had in July 2017, appointed a board of directors, chaired by Dr. Joseph Nnanna, a Deputy Governor of the CBN, to oversee the affairs of the company pending the completion of regulatory due diligence of the bid documents submitted by Teleology and sixteen others for its acquisition.

    The bid process was superintended by Barclays Africa.

    With the emergence of this board, the long process for the acquisition of 9mobile has reached a definitive end marking the beginning of a new era for the telecommunication company.

     

  • Why Teleology is yet to take over 9mobile

    Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Professor Umar Garba Danbatta, has alluded reasons Teleology is yet to take over 9mobile.

    TheNewsGuru (TNG) reports Prof. Danbatta gave reasons for the delay in the sale of 9mobile to Teleology at a session with journalists recently.

    Speaking on the sale of 9mobile to Teleology, the EVC stated that a 15.3 billion naira debt owed the NCC and Federal Government by 9mobile had stalled the sale, but that about half had been paid and the technical evaluation and due diligence on the sale have almost been concluded.

    “9mobile owed N12b Annual Operating Levies (AOL) for two years, numbering fees of N1b and spectrum fees of N2.3b and on paying the spectrum fees, half of the AOL and half of the numbering fees, the NCC transmitted a letter of ‘No Objection’ to allow the transfer of shares to United Capital from Emerging Markets Telecommunications Services (EMTS), the original owners of Etisalat Nigeria.

    “As soon as they meet the next conditions and the technical evaluation of Teleology is concluded, we will again transmit the final approval letter of ‘No Rejection’ for transfer of shares from United Capital to Teleology,” he said.

     

  • Access Bank gets commendation for saving Etisalat

    Shareholders of Access Bank Plc have commended the bank and other members of the consortium of banks that provided the $1.2bn loan that saved Etisalat (now 9mobile) from collapsing.

    The shareholders stated this at the bank’s 29th Annual General Meeting (AGM) in Lagos on Wednesday.

    Mr Bayo Adeleke, immediate past Secretary, the Independent Shareholders Association of Nigeria (ISAN), lauded the bank’s effort in ensuring that the telecoms company did not collapse.

    Adeleke said the bank’s decision to accommodate a business that was going comatose helped many Nigerians to retain their jobs in the telecommunication company.

    He said that many Nigerians would have lost their jobs if the company was allowed to collapse, thereby increasing the country’s unemployment rate.

    Adeleke, however, urged the management of the bank to ensure recovery of the debt in order to increase its bottom-line and dividend payout in the years ahead.

    He said the bank’s profit would have increased significantly if not for the telecommunication company’s loan provision.

    Access Bank’s result for the financial year ended Dec. 31, 2017 showed that total impaired loans and advances stood at N101.36 billion from N36.61 billion recorded in 2016.

    Adeleke frowned at the N357.17 billion restricted deposits with the Central Bank of Nigeria (CBN) without interest during the period under review.

    He said the apex bank should pay interest on the fund in line with laws of Economics.

    Adeleke also called for the winding down of the Asset Management Corporation of Nigeria (AMCON), noting that the corporation had overstayed its welcome.

    He said Access Bank paid AMCON the sum of N27 billion in the last two years, and the reason for its establishment was no longer necessary.

    Adeleke lamented the incessant attacks on banks by armed robbers, urging government at all levels to provide the needed security for lives and property.

    Mr Taiwo Oderinde, another shareholder, called for enhanced training of the bank’s chief finance officer, risk officers, among others for improved performance.

    Oderinde said the officers should be exposed to local and foreign training due to rising cases of fraud in the industry.

    Responding, Mr Herbert Wigwe, Managing Director of the bank, said 2017 was not easy for the banking industry.

    Wigwe said the exchange rate volatility and other economic headwinds resulted in significant loan loss provision during the period, which affected the bank’s profitability.

    He explained that the drop in its profit was due to the telecommunication firm’s loan provision.

    Wigwe told shareholders to expect improvement in the years ahead, noting that the bank was still on the loan issue.

    On the issue of security, Wigwe said the country needed to solve its social issues to achieve growth and development.

    The bank posted gross earnings of N459.08 billion during the period as against N381.32 billion achieved in the comparative period in 2016, an increase of 20 per cent.

    Its profit before tax dropped from N90.34 billion in 2016 to N80.07 billion during the review period, a decline of 11.36 per cent. The profit for the year similarly dropped from N71.44 billion in 2016 to N61.99 billion in 2017.

    The shareholders approved a final dividend of 40k per ordinary share held by investors.

    The bank had earlier paid an interim dividend of 25k, the same amount paid the previous year.

     

  • NCC hosts TheNewsGuru publisher, news editors, others in Lagos

    In keeping with the Commission’s standards of being transparent with all stakeholders including the media, the Nigerian Communications Commission (NCC) held an elaborate meeting with media houses in which publisher of TheNewsGuru, Mideno Bayagbon was present.

    https://www.instagram.com/p/BhomSKJlVPp/?taken-by=midenob

    TheNewsGuru reports the Executive Vice Chairman of the NCC, Professor Umar Garba Danbatta spoke with media chiefs and news editors from both traditional and online media organisations.

    Issues discussed by the NCC EVC at the event, which also hosted TheNewsGuru Group Managing Editor, Jewell Dafinone, bothers on the current strides, activities and challenges of the Commission towards improving telecom services and broadband deployment in the country.

    In this opening speech, Prof. Danbatta expressed his appreciation for the quality and quantity of media coverage in the telecom industry which has helped highlight Nigeria as a prime location for investment in Telecoms services.

    Danbatta spoke on the milestone achievement the NCC had reached by licensing four Infrastructure Service Providers (Infracos) and noted that a report by the International Telecommunications Union’s (ITU) showed that Nigeria’s broadband penetration had reached 22% with 30% being the target set by the National Broadband Plan by 2018.

    He added that a World Bank study had concluded that a 10% point increase in fixed broadband penetration would increase GDP growth by 1.21% in developed economies and 1.38% in developing ones.

    Also speaking at the event was the NCC’s Director of Public Affairs, Mr. Tony Ojobo, who thanked participants for their continuous and accurate coverage of the Commission’s activities and empathized the importance the Commission lays on its relationship with media practitioners who continuously help promote the activities of the NCC to the general public and International Community.

    At the event which held in Lagos yesterday, it became known that the acquisition of 9mobile by Teleology Holdings Limited is not guaranteed after it had made a non-refundable deposit of $50 million for the acquisition of the Nigeria’s fourth largest mobile operator.

     

  • Teleology Holdings ownership of 9mobile not guaranteed

    Arising from Nigerian Communications Commission (NCC) meeting held yesterday, there is no guarantee Teleology Holdings Ltd. will take over 9mobile after it had made a non-refundable deposit of $50 million for the acquisition of the Nigeria’s fourth largest mobile operator.

    This is so as the Executive Vice-Chairman of the Commission, Professor Umar Garba Danbatta at the meeting on Monday in Lagos said the NCC will not approve the sale of 9mobile to any bidder without technical competence.

    He, however, confirmed a preferred bidder for 9mobile had emerged with the full participation of NCC, adding that the bidder was already undergoing financial evaluation.

    “Once the Central Bank of Nigeria has done the financial evaluation of the bidder, NCC will also examine the technical capacity of the preferred bidder.

    “If the financial evaluation process was not done properly, the CBN would address questions on that; the examination process is meant to be open and transparent.

    “The board of 9mobile was given the mandate with these requirements in mind,” he said.

    One of the technical requirements is that the eventual owner of 9mobile should have a certain technical expertise with a minimum of 3 years operational history which from all indications Teleology Holdings Ltd. is lacking.

    However, Teleology has entered an alliance with Safaricom, the largest network operator in East Africa, which could put Teleology in an advantaged position.

    If eventually, Teleology doesn’t get 9mobile, it means Smile Communication as the preserved bidder gets the offer.

    At the meeting, Danbatta also confirmed the NCC had licensed four infracos.

    “Recently, Zinox Technology Ltd. was licensed for broadband infrastructure provisioning for the South-East Zone while Brinks Integrated Solutions Ltd. was issued licence for the North-East Zone.

    “A subsidiary of MainOne Cable Company Ltd. had earlier been licensed to provide services in Lagos.

    “IHS was also issued a licence to cover the North-Central Zone including Abuja,” he said.

    Danbatta said that much work would still need to be done in the deployment of 4G LTE infrastructure needed to support data services.

    “For now, the directive is that 3G should be made 4G LTE infrastructure compatible,’’ he said.

    Danbatta said that telecommunications contributed N1.45 trillion to the Nigeria’s Gross Domestic Product (GDP) in the first quarter of 2017.

    He said that the figure rose to N1.5 trillion in the second quarter of 2017 in spite of economic recession.

    According to Danbatta, telecommunications industry had investment worth $70 billion at September 2017 although the sector could not boast of $50 million worth of investments as at 2001.