MTS FirstWireless, trapped in the debris of protracted boardroom squabbles has got a breather, thanks to fresh take over bid by Oceanic Bank Plc, one of Nigeria’s leading financial institutions.
The deal is coming after the financial powerhouse acquired 60 per cent of Prest Cable and Satellite TV Systems Limited (Prestel), a Benin based national telecommunications operator owned by Mr. Tosan Prest.
Though, the MTS FirstWireless deal is a closely guided secret because of its ugly financial shape, Nigeria CommunicationsWeek, gathered that Oceanic Bank Plc has offered to buy lock, stock and barrel of the beleaguered telecom operator.
MTS FirstWireless, which was the first to be granted license to offer wireless service in the country is currently run by Jane Edu, company secretary. The poor fortunes of the company forced many experienced hands to leave the company.
Oceanic Bank, driven by the iconic Amazon, Cecilia Ibru has its fingers in many profitable pies and is hoping to turn around the fortunes of the company.
With the take over, Oceanic Bank will gain a strong footprint into the telecom market and join the exclusive club of banks with legs in telecommunications.
It would be recalled that Zenith Bank, promoted by serial deal maker, Jim Ovia made history after it acquired Cellcom, Independent Telephone Network (ITN) and Bourdex Telecom to launch the now successful Visafone Communications Limited, trading with
Visafone.
Nigeria CommunicationsWeek gathered that elsewhere, other big players like UBA Plc and Intercontinental Bank Plc have all stepped up efforts to gain footprints in the telecoms market said to hold several untapped billions of dollars.
Oceanic Bank is however hoping to play catch up with Zenith Bank and possibly run neck and neck in the next few months.
The bank is relying on MTS FirstWireless knowledge of the market as the troubled teleco began as far back as 1992, the process of initiating Nigeria into the wireless world when the government issued it with a license to commence the provision of national cellular service in the country.
It was then a joint venture between the government-owned Nitel and Digital Communications Ltd. of Atlanta Georgia, USA. But a disagreement between the two joint venture partners led to the abortion of this dream.
The issue was eventually resolved with a favourable settlement brokered by the Nigerian Communications Commission which gave it a basket of licenses to do nationwide fixed telephone services, long distance communications, and international data access.
Oceanic Bank was incorporated on March 26, 1990 as a private limited liability company with 100% equity ownership by Nigerian citizens, and licensed on April 10, 1990 to carry on commercial banking.
The bank commenced business on June 12, 1990 at the Waterfront Plaza, Plot 270, Ozumba Mbadiwe Avenue, Victoria Island, Lagos and was listed on the Nigerian Stock Exchange on June 25, 2004
