In what can be describe as a pathetic end to the brand-Etisalat in Nigeria which was hinged on a failed business management that resulted into a monumental debt that consumed the telecoms giant; information gathered suggests a Nigeria top business man and respected man of affluence, Samad Rabiu is among those jostling to take over the telecoms company said to be enmeshed in financial difficulties.
The telecoms company, which recently unveiled its new logo and brand identity as 9Mobile, is said to be open to new investor that is willing to invest heavily in the telecoms company in such a way that it will have the required amount of money to offset its $1.2 billion bank loan.
Samad Rabiu’s BUA Group, Virgin Mobile from the United Kingdom and Vodacom of South Africa and other notable investors have expressed interest in acquiring Etisalat now 9Mobile, Nigeria’s fourth largest telecoms company.
However newsheadline247 understands BUA Group, Vodacom and Virgin Mobile are the three leading companies in the race to invest and fully acquire the financially troubled telecoms company.
newsheadline247 also gathered “BUA Group and the two operators along with the others were already making plans to submit their memoranda of interest and technical presentations to a consortium of banks.
“The BUA Group is trying to put together a bid with its technical partners. The consortium of banks has appointed advisers, which include Standard Bank of South Africa and Citibank of New York to receive and evaluate bids.
”Every bid will be reviewed before bringing them to the board of new directors.”
A statement made by the CEO of 9Mobile, Mr. Boye Olusanya, during the media unveiling of the 9Mobile brand in Lagos last week indicates that the company is open to new investors, confirmed the situation that some investors had already indicated interest to invest in 9Mobile.
BUA Group owned is a fully-fledged, diversified business with a stake in a wide range of business chains.
Additional reports from The Capital NG
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