NCC receives non-refundable $50 million down payment for 9 mobile.
Formerly Etisalat, the telecommunication brand has gone out on another selling spill. However, the Nigerian Communication Commission has confirmed its cash in on the brand.
A down payment of $ 50 million, has been made for the brand, which is estimated at about 10% of the entire brand cost. This is however a non-refundable cash in from the end of Teleology Holdings Limited.
The interested buyer, has to make complete payment of the remaining $450 million before the end of 90 days or lose out of the bidding deal.
Interestingly, last week the Commission had made moves to halt the acquisition of the telecommunication brand, but the announcement was made by the Executive Vice Chairman of the Commission, Umar Danbatta during a meeting with the Governor of the Central Bank of Nigeria Godwin Emefiele.
Also at the meeting, these two regulatory bodies entered an agreement to allow telecommunication providers play their role in the company’s payment sector.
The good news about the acquisition if it finally pulls through is that Nigerian users will enjoy great benefit from the collaboration with Teleology and Safaricom.