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Barclays Africa Still Our Financial Adviser—9mobile

By Modupe Gbadeyanka

The management of embattled telecom firm in Nigeria, 9mobile, has refuted reports that Barclays Africa has resigned its role as its financial adviser.

Barclays Africa was appointed as financial adviser to 9mobile to source for a new investors for the Nigerian company before the end of this year.

But days ago, there were reports that the UK-based financial firm had stopped its relationship with 9mobile.

At the end of the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) meeting last month, Governor of the apex bank, Mr Godwin Emefiele, when asked about the issue, said he was yet to receive any official letter to the purported pull out.

Also, the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, jumped the question from journalists, referring them to Mr Emefiele.

However, 9mobile, in a statement issued on Saturday on its website, clarified that Barclays Africa still remains its Financial Adviser, describing the reports as “inaccurate.”

According to the firm, the UK company remains committed to a speedy and satisfactory conclusion of the process, for the avoidance of doubt.

“Following recent press reports relating to Barclays Africa’s role as financial advisor on the sale of 9Mobile, the Board of Directors of Emerging Markets Telecommunication Services (trading as 9Mobile) wishes to clearly state that these reports are inaccurate.

“This is not surprising, having come from so-called ‘sources’ without authoritative knowledge of the process.

“The Board has full faith and confidence in the fairness and transparency of the process.

“Contrary to media speculation, Barclays Africa has also not resigned its mandate in the transaction and remains committed to a speedy and satisfactory conclusion of the process, for the avoidance of doubt,” the statement said.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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