Teleology Holdings Limited the winner of the 9Mobile bid, was reported to have won the bid after offering to pay the sum of $500 million. A new report will reflect the actual amount Teleology paid for 9mobile after payment has been completed. The said the assure amount offered by Teleology Holdings Limited during the bid process for the sale of 9mobile was $301 million and not $500 million.
The was made known by a source during the House of Representatives investigative hearing. During the hearing, the Nigerian Communications Commission (NCC) through its Deputy Director, Legal and Regulatory Services, revealed that the NCC got a letter dated March 29, 2018 from United Capital Trustees that a non-refundable sum of $50 million had been paid by Teleology Holdings and that a balance of $251 million would be paid within 90 days.
Under the acquisition agreement, Teleology Holdings Limited is to make a non refundable down payment fee of $50 million after which, It has 90 days to complete the balance. Also Smile Telecoms Holdings, which offered $300 million during the bid was placed on standby in case Teleology Holdings Limited failed to come up with the balance.
As you can see, the amount is just $1 million above what Smile Telecoms Holdings offered. The $301 million is a significant reduction from the earlier touted bid price of $500 million and will be easier for Teleology to pay.