Teleology finalises takeover of 9mobile, pays $50m deposit
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Teleology Holdings Ltd., says it is transferring a non-refundable completion deposit of 50 million dollars to the trustees of the bank syndicate presently holding ownership of 9Mobile.
The company made this known in a statement signed by Mr Adrian Wood, Teleology’s Director and pioneer Managing Director of MTN Nigeria.
Wood said the payment underscored Teleology’s financial capability and readiness to revive the organization, adding it was set to aggregate a 10-point to turn 9mobile around.
“The Nigerian telecom sector is set to witness a new era of innovation and vibrancy as Teleology puts finishing touches to its acquisition of 9mobile, Nigeria’s 4th telecom services provider.
“In the last few days, key executives of the organization have been deep in meetings with the Nigerian bank syndicate, the regulatory authorities and advisors.
“These meetings have culminated in the signing of the Share Purchase Agreement (SPA) and other contractual documents pertaining to the acquisition.
“Ahead of the March 22 deadline set by the Financial Advisers, Teleology has also transferred a non-refundable completion deposit of 50 million dollars to the trustees of the bank syndicate presently holding ownership of 9Mobile.
“Equally important, Teleology has detailed an ambitious plan of action that will guide its rapid overhaul not only of the network but all aspects of the operations,” he said.
According to Wood, 9mobile is transiting into a new phase that will be defined by optimal value delivery: value to our employees, value to our customers, value to local communities and indeed to all stakeholders.
He added that the new organization to emerge would be “engineering- led and brand-driven”.
He said in delivering service, it would strive to ensure that 9Mobile operations delivered fulfillment to the customers, empowerment to local communities, protection to the vulnerable, and excellent rewards not only to the shareholders but to all stakeholders.
Wood said the company planned to double the 9Mobile network with new 3G/4G specific cell sites as well as a several thousands of kilometers of fiber optic cable across the country.
He said it would drive a special programme of rural internet coverage, focusing on 4G with broadband access planned for all of Nigeria’s 774 local government areas.
He said youth engagement and employment programmes were also planned with all build contractors, distributors and consultants, while investment in broadband internet access technologies which were completely new to Nigeria was also planned.
Source : Today ng
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