May 29, 2022


Accounting + Finance Blog

9Mobile CEO visits NCC, Danbatta says NCC Intervened to Safeguard Investors, Staff and Subscribers


The CEO of 9Mobile, Mr. Boye Olusanya, and Vice-President, (Regulatory Affairs) Mr Ibrahim Dikko paid a courtesy visit to Prof. Umar Garba Danbatta, the CEO and Executive Vice Chairman, EVC, of Nigerian Communications Commission, NCC, yesterday in Abuja.

In his speech, NCC EVC stated the reason for the protection of the former telco, Etisalat, now 9Mobile. He said the move is to prevent ripple effect. If Etisalat was closed down, $2 billion direct foreign investment, 20 million subscribers and 2,000 employees would have been affected. He said:

the over $2B Foreign Direct Investment (FDI), by Mubadala of United Arab Emirates (UAE) was hanging, while 20million Subscribers and over 2000 workers would have been affected if we did not intervene in the matter with a view to finding an amicable resolution.

According to him, this would have poss serious social challenge to the country. He recalled that it was the NCC and CBN that collaborated to avert the disaster and he further assured 9Mobile of the commission’s cooperation to grow the network.

READ ON  Apply for SDG Pitch And Grill

The reason for the CEO of 9Mobile to visit Danbatta was to discuss issues relating to the telecommunication revenue and its financial obligations in Nigeria. Mr. Boye seeks for concessions especially in the area of spectrum assignment, revisit of data floor price, review of interconnect rates to asymmetric platform, concessional foreign exchange access, national roaming and others.

However, regarding the number of staff that may have been layoff by Etisalat, if shut down, the CBN Governor, Mr. Godwin Emefiele, says 4,000 persons may have lost their jobs. He stated this with an interview with newsmen after the MPC meeting, as reported by Thisday.

As a result, 9Mobile was able to retain it’s employees and subscribers in Nigeria. Speaking about the revenue of the company, he stated that the company made N16 billion in June. He further stated that the interim board in charge of 9Mobile will not exceed the 180 days limit as efforts are on the way to ensure that new investors acquire the company shares.

READ ON  Confirmed: Samsung to launched its Galaxy product on 23th August

It was earlier reported by Technologywatch that companies interested in the acquisition of 9Mobile includes, Vodacom, BUA Group and Virgin Mobile.

Copyright 2020 @ Myfinancein