Billionaire businessman, AbdulSamad Rabiu plans to buy Etisalat ( 9Mobile)
In a pantheon of giants, Samad Rabiu towers above his peers. Like the rare and golden hummingbird, sighted in lush and precious emerald beaches, the BUA Group boss ornaments Nigeria nay Africa with gestures and exploits that dazzle like ethereal treasure.
Yes, he presents a rare contradiction to the notion that titans are only appreciated in death. He is a titan. He is very much alive and he has become legend in the hearts and minds of men. Rabiu is something of a visionary. But at the core of his vision is a deep sense of scale; a profound passion for industry and respect for the universe, in their separate immensities.
Interestingly, BUA Group, Virgin Mobile from the United Kingdom and Vodacom of South Africa and other investors have expressed interest in acquiring Etisalat now 9Mobile, Nigeria’s fourth largest telecoms company.
The telecoms company, which recently unveiled its new logo and brand identity as 9Mobile, is said to be open to new investor that is willing to invest heavily in the telecoms company in such a way that it will have the required amount of money to offset its $1.2 billion bank loan.
We gathered that BUA Group, Virgin Mobile and Vodacom amongst other investors, have indicated their interests to invest in 9Mobile and fully acquire the telecoms company.
BUA Group and the two operators along with the others were already making plans to submit their memoranda of interest and technical presentations to a consortium of banks. The BUA Group were trying to put together a bid with its technical partners. The consortium of banks has appointed advisers, which include Standard Bank of South Africa and Citibank of New York to receive and evaluate bids.
Every bid will be reviewed before bringing them to the board of new directors.
A statement made by the CEO of 9Mobile, Mr. Boye Olusanya, during the media unveiling of the 9Mobile brand in Lagos last week, that the company is open to new investors, confirmed the situation that some investors had already indicated interest to invest in 9Mobile.
BUA Group is a fully-fledged, diversified business with a stake in a wide range of business sectors.