Nigeria’s regulatory agencies are still finalising the takeover deal as well as technicalities of the investment firm, Teleology. The board of directors of 9mobile has approved an extension for the investment and acquisition process of the country’s fourth-biggest telecommunication operator to Teleology Holdings Limited.Teleology, an investment firm led by the former MTN Nigeria chief, Adrian Wood, emerged as the preferred bidder in February 2018, following a bid process arranged by Barclays Africa, after a debt default which forced Etisalat out of the country.Nigeria’s regulatory agencies are still finalising the takeover deal as well as technicalities of the investment firm, Teleology. Reports have it that the deal will be close in a week from now although regulators have kept mum over their findings.ALSO READ: 9mobile bid: Teleology is undergoing financial, technical evaluations from Nigerian regulatory agenciesBoye Olusanya, 9mobile CEO, in a statement issued on Thursday, July 26, 2018, said the extension is to allow the parties involved finalise the required documentation and ensure a smooth transition to the new investor.Olusanya said the transaction will be completed as soon as possible.“The board of 9mobile is pleased with the progress made thus far.”“Further updates in this regard will be provided in due course,” he said.The deal is taking longer timeTeleology initially had until the end of June to make the balance payment of $251 million to take over 9mobile but pleaded for an extension for 20 days, which lapsed Wednesday, July 26, 2018.This was after the telcom firm dropped a non-refundable commitment fee of $50 million in March. It is uncertain if Teleology has made final payment.Nigerian regulatory agencies meetThe Nigerian Communications Commission (NCC), Central Bank of Nigeria (CBN) and other stakeholders met last Tuesday in the process and other technical issues.There was no word from any of the agencies on the fate of Teleology Holdings.Also from Business Insider Sub-Sahara Africa:Nigerian government raised tax revenue by 42%Here are the best times to see the total lunar eclipse in Sub-Saharan Africa citiesMark Zuckerberg lost $16.8 billion in 2 hours, more than Aliko Dangote’s net worthTwitter has started clamping down on fake followers, here’s what you will noticeYou will be surprised at the 19 people Nigeria’s Buhari follows on TwitterHere’s why Nigeria is not in a hurry to sign the continental free trade agreement, according to finance minister Kemi AdeosunNigeria’s online savings platform secures $1.1 million seed funding to develop its products and expand massivelyThese 6 banks invested N155.
