Read what was culled from Thisdaylive
The scramble to acquire 9mobile, Nigeria’s fourth largest network operator, has advanced to the next stage, with 10 out of the 16 firms that submitted expressions of interest (EoIs) for the telecoms firm, prequalified by Barclays – the financial adviser to the deal – to proceed to the financial bid stage of the exercise.
Sources conversant with the deal informed THISDAY that the 10 firms, having passed the technical evaluation bid stage, have been prequalified to submit their financial bids for the acquisition of 9mobile.
As part of the financial bid process, the companies will also be required to submit bid bonds of $150 million each as evidence of their capacity to pay for the acquisition of 9mobile.
The companies include Globacom Nigeria Limited, Nigeria’s second largest network operator founded in 2003 by business mogul, Chief Michael Adenuga; India’s Bharti Airtel, operating as Airtel in Nigeria; Dangote Group’s telecoms business unit, Alheri Engineering Limited, which has the backing of U.S.-based Blackstone Group with an investment portfolio of $378 billion and a Nigerian subsidiary called the Black Rhino Group; Smile Telecoms Holdings, a South African telecommunications group with subsidiaries in Nigeria, Tanzania and Uganda; and Helios Towers, the former owner and operator of the largest telecoms tower network in Nigeria and other countries, before it sold its Nigerian infrastructure to HIS.
Other firms that have moved on to the financial bid stage of the competitive tender are: Centricus Capital and Africell, a subsidiary of the Lebanon-based Lintel Group of Companies, with cellular communications operations in the Democratic Republic of Congo (DRC), The Gambia, Sierra Leone and Uganda; Dubai-based Abraaj Capital, a private equity firm with an investment portfolio of $11 billion; Teleology Holdings Limited, a special purpose vehicle led by a former chief executive of MTN Nigeria, Mr. Adian Wood, and Ericsson; Africa Capital Alliance (ACA), a leading pan-African investment firm based in Lagos; and The Carlyle Group, a U.S.-based multinational private equity, alternative asset management and financial services corporation.
A banking source also said that now that the 10 firms have been prequalified to submit their financial bids for 9mobile, this will be the final process from which a winner with the highest bid submitted for 9mobile, will emerge.
The winner, according to the source, will then be invited to negotiate and agree to the payment terms to takeover 9mobile.
Should the firm that wins the financial bid stage fail to meet the payment terms within the stipulated period agreed with Barclays, the reserve bidder (or the firm that submitted the second highest bid) will be invited to acquire 9mobile.
9mobile, formerly Etisalat Nigeria, was put on the block early this year after it defaulted on a $1.2 billion loan from a consortium of 13 Nigerian banks.
The Central Bank of Nigeria (CBN) was forced to intervene to save the company from collapse and prevent creditors from putting it into receivership, leading to a change in its board and management, as well as the new name 9mobile.
The crisis forced the telecoms company’s one-time parent, Abu Dhabi-based Etisalat Group, to terminate its management agreement with its Nigerian business and surrender its 45 per cent stake to a trustee, following the central bank’s intervention.
9mobile’s new CEO, Mr. Boye Olusanya, had said soon after his appointment that he was focused on getting the telecoms company back on track to make a profit, while working on the paperwork to eventually raise new capital, adding that the company was open to new investors.
The 13 banks had put a freeze on collecting the principal and interest payments on the syndicated $1.2 billion loan pending new investors, in order to help the company survive.
The Nigerian lenders with exposure to the telecoms firm had given Barclays the mandate to handle the sale of 9mobile, after Citigroup and Standard Bank, previously in the running for the role, were dropped..
9mobile has over 20 million subscribers with a 14 per cent share of the Nigerian market.
South Africa’s MTN is the market leader with 47 per cent, Globacom has 20 per cent while Airtel has 19 per cent.
Employment seeking girl steals N108k from her prospective employer
Opportunity comes but once, this young girl believes as she stole N108k from her prospective employer. A female jobseeker has been captured for taking One Hundred and Eight Thousand Naira amid her prospective employee meeting in Delta State.
It was accumulated that the businessperson at the organization had ventured out to get something, leaving the suspect in the workplace. The young lady professedly utilized the chance to take N108k and fled.
Good fortune, be that as it may, ran out on her, days after the fact, while going through the road where the workplace is found. She was expeditiously caught and dragged to her home where the rest of the cash was recovered.
Lagos tenant uses Landlord’s apartment to dupe house appliance vendors of N50 million
Hey peepz, I have a gist tho I don’t know if it’s true or not..But I will say it Sha. I was just walking on the street 2receive fresh air when I saw a couple. d man was telling his wife about an incident. I kukuma slowed down an walked behind them to hear d full gist.
It was more like a scam story. A certain man walked up to a Landlord in our area and requested to rent his apartment for 2 months, with the excuse that he was traveling to Canada and just came to Lagos for the Visa Processing.. They agreed on 150K.
The man paid and took ownership of the apartment.He then went out to Vendors in town and negotiated to buy expensive items on lease. With installment payment plans.. He was said to have collected home appliance worth N50,000,000 from various vendors.
He then took them all to the apartment one by one to build trust. At least once they know he lives there, they can easily come around and pack their stuffs if he defaults, these people didn’t know what would hit them was going to be deadlier than Tsunami.
As agreed with the Landlord, the man packed out even earlier than expected… Left with all the items, of which he had not finished the payment..and the Landlord was so happy to have struck a better deal He immediately rented out the apartment to another family.
One by one, the creditors began to come in and same story was relieved to them.. Some fainted, some threatened hell fire …. To cut the long story short, Baba Ijebu was arrested alongside the new tenant.. You know Naija now… #POLICE no wan hear wuen
They were only saved after a Landlord intervened. He is a legal practitioner and took up the case. But sincerely speaking. I wonder how some people feel at rest knowing fully well their victims would suffer. I guess it all centers on lack of conscience. This is bad #dojon
It was more like a scam story. 🙆 A certain man walked up to a Landlord in our area and requested to rent his apartment for 2 months, with the excuse that he was traveling to Canada 🍁 and just came to Lagos for the Visa Processing.. They agreed on 150K.
— Diary of a Jobless Nigerian Youth (@wenogetjob) May 15, 2018
How a middle-aged man died after withdrawing N100,200 from the bank will shock you
What could have taken the life of a middle-aged man, identified only as Muyibi, who collapsed and died in a commercial cab in the Ojota area of Lagos State.
PUNCH Metro reports that Muyibi boarded the cab after withdrawing money from a United Bank for Africa branch in the Ogudu area. Then the driver had turned to to take his fee from Muyibi when he realized the man had become motionless. After reaching the terminus, a resident told Punch’s correspondent that the driver alighted from the cab to slightly push Muyibi, who was cold.
The resident, who did not want to be identified, said,
“The driver had picked some other passengers along the way, and they had all paid and dropped off at their various bus stops.
“When the victim did not respond when they got to the terminus, the driver parked the cab to rouse him, but he was cold.
The driver raised the alarm, which drew the attention of commuters and passersby to the scene. People checked him and discovered that the man was dead.”
Policemen from the Ogudu division were said to have been alerted to the incident. The driver’s vehicle was impounded just like that, while the man’s body was deposited in a morgue.
A source person at the terminus who spoke with Punch newspaper confirmed the incident, saying:
“It happened around 3pm on Friday. The man went to withdraw some money in UBA. The Ogudu Divisional Police Officer was compassionate; she pitied the cab driver, who had become jittery.
Although the man was not detained, his cab was impounded at the station pending when the deceased’s family would show up,” he added.
Lagos state Police Public Relations Officer, SP Chike Oti, said the police recovered N100,200 from the victim’s bag.
“The man was on his way to Ojota when he collapsed and died. We recovered the sum of N100,200 from his bag.
He also had a phone, which had a new SIM card. There is no contact on the phone and nobody has called him. We have a lead as to where he could be living.
His body has been deposited in a morgue for autopsy.”
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