Alleged $282m, N1.499Bn Debts Rule Globacom Out Of Buying 9Mobile

The possibility of Globacom acquiring embattled 9Mobile may be ruled out by alleged debts of $282 million and N1.499 billion.

The Mike Adenugu Jnr owned Telecommunications Company reportedly owes $282m in spectrum license fees to the Nigerian Communications Commission (NCC).

ALEDEH reports that the company equally owes N1.499 million in microwaves fess for the last ten years.

Formerly known as Etisalat, 9Mobile has been facing challenges after its major investor, Mubadala group pulled the plug on its deal with the company.

The development had seen some competitors bidding to acquire the Telco.

The top five companies shortlisted to acquire 9Mobile are Bharti Airtel, Smile Telecoms Holdings, Helios Investment Partners LLP and Teleology Holdings Limited and Globacom.

But Globacom’s reported debt to the NCC may hinder its bid to acquire the company.

Meanwhile, Spectrum Wireless Communication Limited, a shareholder of Emerging Markets Telecommunications Service (EMTS) which owns 9mobile licence, has warned buyers against acquiring 9Mobile.

Spectrum Wireless said through its solicitors, J.A. Achimugu & Co, that “any institution or company who transacts business for the purpose of sale or acquisition of EMTS or 9Mobile does so at his or her own risk”.