CBN, NCC seek transparency in 9Mobile bidding process

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The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have urged Baclays Africa to ensure transparency in 9mobile bidding process.

In a joint letter by the executive vice chairman of NCC, Prof. Umar Danbatta and CBN governor, Godwin Emefiele, to GTBank, the facility agent for the 9mobile syndicated loan, they questioned the transparency of Barclays bank, its financial adviser in the sale process of 9mobile.

It was learnt that the CBN is particularly concerned about how Barclays chose the final round of bidders, as more qualified and interested bidders were not shortlisted.

The two regulators had received petitions from bidders and stakeholders questioning the transparency of Barclays bank.

CBN and NCC stated in the letter that they had made it clear from the beginning that the bidding process for 9mobile must be “transparent and fair, with the financial and technical capabilities of the final bidders without question.” The regulators therefore have reason to question the criteria for selection if companies with strong financial standing and advanced technical capabilities were dropped from the final bidding process.

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