Teleology Holdings, the new owners of 9mobile, have withdrawn from further participation in the 9mobile project according to exclusive reports from insider.
Teleology acquired 9mobile, known then as Etisalat, in November 2018 — about eight months after it made an initial $500million non-refundable deposit to acquire the telco, and a cumulative 10 months after the takeover was billed to have been finalized.
Teleology Holdings, a special purpose vehicle comprising telecom industry veterans and led by Adrian Wood, pioneer Chief Executive Officer of MTN Nigeria, eventually won the final bid — ahead of Airtel, Globacom, Smile, Helios.
Teleology Holdings’ successful bid for 9mobile was due largely to the quality of its proposed seven-man management team led by Wood, and was approved by the NCC Technical Evaluation Committee, the 13-member bank lending syndicate as well as the acquisition finance provider, Afreximbank.
However, it was gathered from reports that Teleology Holdings has become increasingly uncomfortable with actions taken outside of the agreed business plan, since takeover, most important of which is how it has been blocked from concluding a management services contract with the local joint venture, Teleology Nigeria Limited.
The management services contract would have enabled Teleology Holdings and its team of experts oversee the implementation of the its elaborate business plans including funding proposals — but that so far been impossible.
Wood is understood to have resigned from the boards of Emerging Markets Telecommunication Services (trading as 9mobile) as well as Teleology Nigeria Limited, and has already communicated his current disenchantment with the 9Mobile project to his confidants in Teleology.
According to Woods, 9mobile is an exciting opportunity to build a revolutionary mobile network that could be the pride of Nigeria. Unfortunately, it appears that we will not be able to participate. We now must stand down from further work on the 9mobile project.”
9mobile has been through a lot and this might further compound the woes of 9mobile.
This is a big blow to 9mobile..
Dancing on the brink.
Yes it is and they will never be same again
I see 9mobile going down the drain if care isn’t taken
Too bad. Let them resell to Smile
They should get their s**t together, they don’t need dis now…
My first thought goes to that Yello company or maybe its the recent news that people that bought it are linked to Aso Rock.
Wait o!!! are these people just going to let go of $500m. Hmmm…
Village people reqlly have their case at hand…
That’s a pity. Hope they find a way through that rough edge they got their self into.
I dont understand how they will pay $500m and they cant take and implement decisions on their own. Not a good bargain if it was me, or i didn’t understand what i read well? Shaaa, lemme keep observing. The next takeover should bring cheaper data, their network is already fast enough, then i can retrieve my special line.
9mobile has been the network with the most number of crisis since 2015, what’s happening?
From one problem to another
this company have been on the bad note lately
I hope they bounce back strong
Smile or glo are the right company dat should have acquired 9mobile.
Make them close down this network na
considering all the money and resources expended, this is so sad