Business Hilights
Tracking Nigeria's Headline Business News Online

CBN grants Teleology Holdings 20 working day plea on deadline extension

Though the 90-day payment completion window officially given to Teleology Holdings Limited expired weekend, indications are rife that its 20 working day plea for extension was granted by the Central Bank of Nigeria (CBN).

Teleology Holdings Limited, the preferred bidder for the acquisition of cash-strapped telecommunication company, 9mobile, ought to have completed the remaining tranche of the bid payment, but could not due to tiny logistics issue which a source said will be resolved within days and payment made even before the fresh 20 days.

Business Hilights gathered that Teleology had reportedly tabled its readiness to complete the payment of the final bid price to the apex bank days ahead of the expiration of the 90-day payment timeline, which elapsed on Saturday, June 30, 2018.

Already, the apex bank had granted the request for additional 20 working days so that it can perfect the process for the final payout in consonance with the provision of the acquisition agreement.

However, Teleology may need to pay additional non-refundable $50 million to further strengthen its stake in the acquisition bid for 9mobile, while it continue to enjoy the 20 working days from Monday, July 2, 2018.

Though there is a particular telecoms scheming to oust Teleology Holdings in the deal, analysts say the said company still has issues of debt to resolve with the telecoms regulator, the Nigerian Communications Commission (NCC).