The Board of 9mobile on Thursday announced the extension of the timeline for closure of the acquisition process of the company.
A statement by Boye Olusanya, the Chief Executive Officer of the company, said the timeline extension was considered necessary to enable parties involved in the sale process to finalise the requisite transaction documentation to facilitate a smooth closure and transition to the new investor.
“The Board of 9mobile is pleased with the progress made thus far and expects the acquisition process to be completed as soon as possible,” the statement said. Further updates in this regard will be provided in due course.”
The processes involved in the acquisition of the troubled company by interested bidders have been marred by controversy since 2017.
Earlier in March, Teleology Holdings Limited, the preferred bidder for Nigeria’s fourth largest telecom firm, 9mobile, made a non-refundable deposit of $50 million to the Trustee for the Nigerian bank syndicate currently running the company.
The regulatory body, Nigeria Communications Commission (NCC), had also assured that it would only approve the sale of the company to a bidder with technical competence.