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Sale of 9Mobile : BRG Accuses Barclays of Bias

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‎Business Renaissance Group (BRG) has ‎condemned the announcement of Teleology as the preferred bidder for 9Mobile.

The latest of the trenchant condemnation rails at the perceived tardiness by Barclays Africa, the financial advisor to the sale of 9Mobile.

Making the condemnation in a statement issued in Abuja, BRG, a non-governmental organization, noted that the letter said to have been sent to Teleology by Barclays Africa was hasty and preemptive.According to the statement co- signed by its President Mazi Omife I. Omife and its Secretary Dr Funso Akomode, the group stated that Barclays Africa jumped the gun in announcing a preferred bidder.It noted that in a meeting held with the interested bidders on the 26th of January 2018, Barclays gave the two finalists in the bid process: Teleology Holdings and Smile Telecoms Holdings the opportunity to increase their bid for 9Mobile within 30 days which brought the deadline date to Monday February 26, 2018.

The group wondered why Barclays could not wait till the 26th of February 2018 before its apparently preemptive announcement of a preferred winner.  It therefore alleged that Barclays had merely changed the rules while the game was at its climax.

Further alleging bias against Barclays in the handling of the sale of 9mobile, BRG recalled that Barclays had earlier affirmed that any preferred bidder on selection will need to sign a Sales Purchase Agreement immediately and will have to instantly pay a non-refundable deposit of USD 50 million.

It decried a situation where Barclays has now given its announced preferred bidder 21 days to pay the non-refundable fee of USD 50 million.  To BRG, this is a classic case of bending the rules and shifting the goal post to favour a particular team

The group further underscored its allegation of a less than transparent handling of the entire bid process by Barclays Africa by recalling that some of the earlier entrants, among them two major GSM network operators, had opted out of the process alluding to lack of transparency.

It also claimed that at least two major vendors of 9mobile rejected the financial offers of the preferred bidder and had no confidence in weak and unrealistic business plan presented.  And wondered how such a bidder with questionable business plan would be able to sustain and improve the operations of 9mobile.

BRG contended that the precipitated announcement by Barclays is indicative that the preferred bidder did not satisfy any of the precedent conditions.  It therefore called on the regulatory authorities especially the Nigerian Communications Commission (NCC) and Central Bank of Nigeria (CBN) to take more than a passing interest in the bid process.

It advised that instead of the regulators especially NCC merely giving a stamp of approval to the seemingly contrived result by Barclays, the commission should undertake a review of the entire process with a view to ensuring that strict adherence to the canons of corporate governance and transparency are upheld in the 9mobile bid process.

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“80% Of Buildings In Lekki Have No Approval” – Lagos State Commissioner For Physical Planning & Urban Development Reveals

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The Lagos State Commissioner for Physical Planning and Urban Development, Dr Oluyinka Olumide, has stated that 80 per cent of buildings in Ibeju Lekki have no approval.

Olumide disclosed this while speaking to newsmen recently.

In his words; “Just last week Thursday and Friday, myself and the team were in the Ibeju Lekki and Epe axis and you would agree with me that anybody passing through that corridor would see a lot of estates marked. We went there, and I can tell you that from what we saw, over 80 per cent of them do not have approval.

The procedure to get approval is first to get the planning information, as to what those areas have been zoned for. In this case, what we have is agricultural land, and people now go to their families to buy agricultural land. Of course, those lands would be sold because those families do not know the use such land would be put to.

The next thing to do is the fence permit. If you missed the earlier information on not knowing the area zoning, at the point of getting the fence permit, you would be able to detect what the area is zoned for. After that, the layout permits a large expense of land follows.”’

Olumide noted that a layout permit cannot be obtained if it is not zoned for the purpose it was designed for or for the purpose it was being requested.

“So, you can see all these layers, but people still go ahead to start advertising. Some have even gone to the extent of displaying the sizes they want to sell. Imagine someone in the diaspora who wants to send money without any knowledge. Then, no approval is eventually gotten. Even if they pass the assignment and the survey to them, we would not grant the individual permit, because that area is not zoned for that purpose’’ Olumide said

This partly explains why some of the houses are being turn down currently in the state.

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Lady Dies After Friends Pushed Her Into Boiling Pot Of Fresh Pepper In Delta State

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A Nigerian man identified as Israel Joe, has revealed how his friend, Roseline, died after she was pushed into a boiling pot of fresh pepper and tomatoes by her two female friends in Sapele, Delta State.

Joe stated that Roseline, a caterer, went on a trip with her friends to Sapele for a catering job where the bitter ordeal occured.

She tragically passed away on Saturday, April 13 after spending two weeks at the hospital in a very horrible state.

In a Facebook post on Friday, Joe said that before her untimely death, Roseline confided in him about two of her friends who were treating her coldly.
And he has vowed to bring them to justice.

This is such a heartbreaking event.

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IPOB Declares May 30th As Sit-at-home Day Across The Southern East States To Honour Biafran Fallen Heroes

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The Indigenous People of Biafra has declared May 30, 2024, as a sit-at-home day across the South-East to celebrate Biafran soldiers.

The pro-Biafran group said that day is set aside annually to celebrate the men and women who died in the Biafran war between 1967 and 1970 and beyond and even until now.

This was made known in a press statement by the group’s spokesman, Emma Powerful, on Thursday, adding that every Biafran in the South-East is expected to sit at home and reflect on the war.

He cautioned South-East residents to avoid loitering about on this day, adding that those who intend to travel to and fro Biafra land must do so before the evening of May 29.

The IPOB statement also directed that all the residents of “Biafra Land” are to stay indoors from 6 am to 6 pm on May 30, 2024.

He also called on christians and traditionalists to pray to Chukwu okike abiama for the fallen heroes, And also for the independence of Biafra from Nigeria.

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