Wednesday, June 20, 2007

Zenith boss advances plan to buy Nigeria’s Cellcom

Renowned banker and chief executive of Zenith International Bank Plc, Mr. Jim Ovia, may have advanced plans to buy over Cellcom Limited, one of the Nigeria’s licensed private telecommunications operators.

Company sources informed ITRealms Online that Mr. Ovia, might have concluded plan for the 100 per cent acquisition of the telco.

Also, Mr. Ovia was said to have acquired the telco for the sum N3 billion with some conditions to cushion some indebtedness in excess of N1 billion.

Our sources added that the acquisition was through one of Mr. Ovia’s entities and an Internet Service Provider (ISP), the Cyberspace Nigeria Limited.

Explaining further, our sources said that the amount N4 billion includes N3 billion slated for the main purchase of the telco, while over N1 has been voted for the payment of debts owed by CellCom as at the time of acquisition.

Additionally, the takeover was said to have began since June 1, 2007.

Speaking on the acquisition, the promoter and chairman of Cellcom Limited, Chief Chidolue said that though he would not like to engage on the matter, but they are still in talks, hence he could not confirm completion of the deal.

Even when contact, a manager in the Corporate Affairs of Zenith, Mr. Victor Adoji, said he could not confirm the story as at the time of filling the report Wednesday, and asked for time.

Further, company sources told HANA that the new owners have moved in since June 1, and had even began negotiations with Huawei Technologies, an equipment supplier so as to revitalize the Cellcom, which currently have estimated 30,000 subscribers since its commercial roll out in 2001, with major presence in Lagos and at the Federal Capital Territory (FCT) Abuja.

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1 comment:

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