Liberian president nixes LIBTELCO’s Novafone deal

Mergers, Acquisitions and Financial Results

Liberia’s President Ellen Johnson-Sirleaf has reportedly given the thumbs down to Liberia Telecommunications Corporation (LIBTELCO’s) proposed takeover of ailing Liberian mobile operator Novafone (formerly Comium Liberia). Online portal FrontPageAfrica claims to have reliable information from multiple sources that the president has ‘rejected the deal in its entirety, declaring to aides that it is not in Liberia’s best interest’, effectively killing LIBTELCO’s plan stone dead. Indeed, one source goes as far as to claim that Ms. Johnson-Sirleaf has instructed her acting finance minister James Kollie ‘to immediately terminate all negotiations regarding the Novafone deal’. It is unclear what led the Liberian president to scupper the deal, although the move comes after the Liberian Revenue Authority shut the operator down last Thursday over an alleged non-payment of taxes worth around USD1.3 million – accrued between 2012 and 2014.
Source: Telegeography 9 May 2016