• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home Fintech

Barclays Africa, Accused of Opacity In 9mobile Bidding Process

Uloma Mary Omolaiye by Uloma Mary Omolaiye
November 21, 2017
in Fintech
Share on FacebookShare on Twitter

Barclays Bank was saddled with the responsibility to seek new investors for 9mobile after the CBN intervened in its episode of financial crisis. However, new reports reveal that Barclays Africa hasn’t been transparent in the entire bidding process.

Prof. Umar Danbatta, Executive Vice-Chairman, Nigeria Communications Commission and Godwin Emefiele, Governor, Central Bank of Nigeria have expressed their displeasure via a joint letter to Guaranty Trust Bank, the facility agent for the syndicated loan acquired by 9mobile. In the letter, both parties queried Barclays Africa for its unwillingness to follow the due process in the bid.

So far, there was no press release or public announcement on how the bank arrived with the final conclusion of the bidding process, as more qualified bidders were not shortlisted. The CBN and NCC disclosed that bidders and stakeholders of the bid had laid complaints about the obscurity of Barclays bank during the entire process. 

This attitude of Barclays bank bothers on trustworthiness and integrity.

Related: Etisalat Nigeria Parent Company To Leave Nigeria Over $1.2b Loan, Considers Merger

The two regulators exonerated themselves from the opacity stating clearly their stand on transparency and fairness from the inception of the bidding process, which is why they have every power to question the criteria used to arrive at the final selections of the process. As agreed, the selected companies must have a solid financial strength an advanced technical capability to bear the responsibility, so as to avoid another brouhaha.

However, it appears that this may not be the case with the selection process as the regulators have observed that ‘they have repeatedly exhibited signs of opacity in the sale process for 9mobile. Given the overriding public interest in the company and the need for transparency, we advised that Barclays advertise the call for expression of interest’. They said further that ‘Barclays declined, insisting instead, that the company being a private one, should not be taken through a public sale’.

The response given by Barclays, is proof enough, according to the regulators that Barclays is in for something shady and may have a ‘rigged predetermined outcome’ as with the Nigerian elections. ‘This lack of transparent process has proven to be selective and arbitrary…’, the letter read.  

Too much for having a secretive selection process.

The CBN and NCC have warned that every decision taken by the financial advisers and those that have expressed interest in the telecom firm must be communicated via writing for approval. Anything written and signed cannot be denied.

Related Posts:

  • Etisalat-NCC
    Flutterwave Adds The e-Naira As A Payment Option For…
  • The e-Naira Speed Wallet App Has Had ₦4 Billion…
  • The e-Naira Recorded N8 Billion Worth Of…
  • Kippa Receives Its Super Agent Banking License From Nigeria's Central Bank
    Kippa Receives Its Super Agent Banking License From…
  • mtn
    Nigeria Hits 172M Mobile Subscriptions; MTN Tops 90M Barrier
  • fincra
    The Central Bank of Nigeria Issues Fincra its…
  • 9mobile-slashes-roaming-tarrif-for-customers-on-Hajj-2019-
    Over 300K Customers Leave 9mobile Over MTN Roaming Delay
  • 1674752425922
    Nigeria's Apex Bank Launches Domestic Card Scheme - AfriGO

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Tags: 9mobilebankingbarclays africabarclays bankcbnfinanceinvestmentncc
Uloma Mary Omolaiye

Uloma Mary Omolaiye

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Walmart Spent $580M on Microsoft Azure in 11 Months, Leak Shows May 30, 2025
    • Texas Signs Internet Regulations Targeting Apple & Google May 30, 2025
    • Chris Rogers Named New CEO of Instacart May 29, 2025
    • Spotify Adds New Features To Enhance Podcast Discovery May 29, 2025
    • FG Unveils Digital Village in Abuja with Free Internet May 29, 2025
    • Vital Lifeline: 9mobile to Launch MTN Roaming Partnership in June May 29, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok