Unconfirmed reports from Nigeria have stated that the country’s chief executive and vice chairman of its telecoms regulator, Ernst Ndukwe, is being investigated by the Economic and Financial Crimes Commission (EFCC) for his role in the award of WiMAX licences to bidders that may not have been deserving of the concessions, as well as other matters.

NCC CEO Ndukwe, is said to be having the heat turned up

Earlier this year, the Nigeria Communication Commission (NCC) licensed three bidders – Multilinks, Mobitel Nigeria Ltd and Spectranet Ltd – with four WiMAX concessions at a cost of N1.37 billion (US$9.27 billion) each. However since the award, allegations of inappropriate and fraudulent activity have been levelled, and are now being investigated.

One of the allegations against the NCC’s licensing process is with regards Mobitel Communications, which was awarded a WiMAX licence following the auction held between April 30 and May 8. Up until last October, Mobitel was said to be indebted to the NCC to the tune of N246 million, which it was unable to pay. This had resulted in the regulator waiving N243 million in debt, and leaving Mobitel set to pay a balance of just N3 million. How a bidder with such a chequered financial history was still able to secure a licence in a process in which 40 bidders were present is being questioned.

Separately, Ndukwe is also accused of exceeding his spending limit and misleading the federal government into the award of contracts for community information centres in certain states in Nigeria.

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France Telecom’s Orange has submitted an obligatory tender offer to buy all the shares of Egyptian mobile operator Mobinil, Egypt’s financial market regulator confirmed earlier this week.

The Capital Markets Authority said it was studying the offer by Orange Participations.

Mobinil, one of three mobile operators in Egypt, has been at the centre of a dispute between regional operator Orascom Telecom and France Telecom.

Egypt’s market regulator had said that France Telecom should tender to buy all shares in Mobinil as part of a court ruling that it purchase Orascom’s stake in a holding company that owns 51 percent of Mobinil.

Mobinil posted a 6 per cent fall in net income last month for the first quarter of 2009 to EGP 424 million (US$75 million), missing most analysts’ forecasts as it faced higher interest costs.

The Egyptian stock exchange said it had suspended trade on Mobinil shares until the markets authority finishes studying the offer. Shares had jumped more than six per cent earlier in the week on speculation of a pending offer.

In way of context, Orascom, which owned 35 per cent of Mobinil, brought arbitration proceedings against Orange, which owned 36 per cent, in an effort to obtain majority control. Ironically, the International Court of Arbitration ruled earlier this year that Orange should buy out Orascom, which would have resulted in Orascom receiving US$1.7 billion, by its calculations, or US$715 million, according to Orange.

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In an official signing ceremony held in Amman, Jordan today, Zain and Palestinian Telecommunications Company (Paltel) have entered into an agreement for a share-for-share exchange, which will see Zain take a majority interest in Paltel with an equity shareholding of 56.53 per cent in exchange for Paltel owning 100 per cent of Zain Jordan. Paltel is a publicly-listed entity on the Palestinian Stock Exchange and Abu Dhabi Securities Exchange. The merger will set the current Paltel shareholders equity position in both Paltel and its newly acquired subsidiary, Zain Jordan at 41.43 per cent.

Left, Saad Al Barrak, CEO of Zain Group; right, Sabih Al-Masri, chairman of Paltel at the signing ceremony

The share-swap transaction involves an exchange of a total of 58.57 per cent of Paltel’s shares for 100 per cent of the shares of Pella Investment Company (Pella), the holding company of Jordan Mobile Telephone Services Company (Zain Jordan). Zain’s equity in Pella, at 96.516 per cent, will be exchanged for 56.53 per cent of Paltel’s equity whilst the balance of equity held by the other shareholder in Pella, 3.484 per cent, will be exchanged for 2.04 per cent of Paltel. Paltel will own 100 per cent of the shares of Pella, and its underlying subsidiary, Zain Jordan.

Through this transaction, Palestine will become the 24^th territory in which Zain will have a commercial footprint. The mobile operation in Palestine currently known as ‘Jawwal’ will be rebranded to Zain by the end of this year. This mobile operation will also join Zain’s ‘One Network’ platform, bringing to 19 the number of countries that benefit from the roaming offering.

The combination of both Zain Jordan and Paltel will produce a business group that will generate over US$1 billion in revenues, US$450 million in EBITDA and US$300 million in net income in 2009.

“A merger of this nature, with immediate opportunities for synergies between the two leading operators in Jordan and Palestine, will create substantial value for shareholders and enable us to create a strong operating platform for our businesses in the Levant and beyond,” said Saad Al-Barrak, CEO of Zain Group.

Paltel has a base of 1.5 million active mobile customers and over 363,000 fixed line customers, as well as approx 78,000 ADSL customers as of March 31, 2009. Zain Jordan counts over 2.35 million active mobile customers.

South Africa’s telecoms regulator and trade unions have threatened Vodafone’s bid to purchase an additional 15 per cent in mobile operator Vodacom, after the UK operator was forced to face the Independent Communications Authority of South Africa (ICASA) and Congress of SA Trade Unions (COSATU) in court on May 17, just one day before Vodacom was due to be listed on the Johannesburg Stock Exchange.

Vodafone’s takeover of Vodacom may face a bumpy landing

The legal action came as the regulator did a u-turn on May 15 over its initial green light of the ZAR22.5 billion (US$2.2 billion) deal announced in November, which would allow Vodafone to raise its stake in Vodacom to a controlling 65 per cent, up from its original 50/50 share with state-owned fixed-line operator Telkom.

Vodafone’s investment has faced opposition from COSATU and the South African Communist Party, which said the acquisition would threaten jobs and surrender control to a foreign investor. However the High Court in Pretoria dismissed the oppositions’ application and stated the stock exchange listing of Vodacom would go ahead as planned. The unions have urged a public boycott of Vodacom.

The original agreement was subject to approval by 75 per cent of shareholders from Telkom, as well as being conditional upon Vodacom being listed on the Johannesburg Stock Exchange and the remaining 35 per cent of Vodacom Group being demerged by Telkom to its shareholders.

South Africa’s MTN reached the 100 million subscriber milestone in April, becoming the largest emerging markets telecoms operator in the world by subscriber base. MTN’s network covers 21 markets with a population of approximately 500 million.

The largest share of subscribers came from the West and Central Africa region accounting for 45 per cent, while Middle East and North Africa contributed 29 per cent and South and East Africa amounted to 26 per cent. The operator’s biggest market remains Nigeria with almost 26 million subscribers, followed by Iran with more than 18 million.

“For a 15-year-old company operating amid increased competitive intensity in all its markets, this is a most satisfactory performance by MTN. This affirms our leadership position in many areas of our business,” stated MTN group president and CEO Phuthuma Nhleko.

“MTN’s success is also attributable to a business model that has included sound financial investment, strong corporate governance, effective management and corporate social responsibility,” he added.

However, while subscriber numbers in the first quarter of 2009 were up eight per cent from Q408, the operator’s average revenue per user (ARPU) took a battering in every market with year-to-date ARPUs falling by an average of 18.6 per cent between end-December 2008 and end-March 2009. The most impacted market was Zambia where ARPU slumped 41 per cent from US$11 to US$6. Next were Congo Brazzaville and Rwanda which both declined by 33 per cent.

MTN’s highest ARPU market was Cyprus with US$36, while Sudan and Afghanistan resided at the other end of the scale with US$5 each.

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