Teleology leaves 9mobile
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Almost two months that Teleology Holdings was given license to governs the operations of 9mobile, the company has expressed several displeasure in doing business with its homegrown associate 9mobile Nigeria, and thereby withdraw from the 9mobile project.
Teleology Holdings Limited intends to exit its shareholding in the project which will necessitate a change of name. This will results to Teleology Holdings to place her initial deposit of $50million used to acquire 9mobile in a high risk.
It was gathered that since November 12, 2018 that Teleology Holdings has officially taken over 9mobile, several actions that was not initially agreed upon has been surfacing, this has led to the major reason Teleology decides to withdraw from the project.
The Founder of Teleology Holdings Limited, Mr Adrian Wood, who is the pioneer CEO of MTN Nigeria, has resigned from the boards of Emerging Markets Telecommunication Services, also trading as 9mobile as the same time as Teleology Nigeria Limited in a statement explained his disappointment in the current situation of 9mobile.
He said “Fifteen Teleology experts have worked since June 2017 on detailed 9mobile turnaround planning, development strategies and financial restructuring. This included lining up more than $500 million fresh direct foreign investment from international institutions.
“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,”
Wood concluded.
Teleology Holdings had on November 12 last year, announced the constitution of a new Board of Directors for 9mobile, following the approval it received to officially take over the operations of 9mobile, coupled with the successful completion of the tenure of the former Board appointed by the Central Bank of Nigeria (CBN) and in fulfillment of the consequential transfer of final ownership to the new investors.
The seven-man Board of Directors included Nasiru Ado Bayero as Chairman; Asega Aliga as Non Executive Director; Adrian Wood as Non Executive Director; Mohammed Edewor as Non Executive Director; Winston Ndubueze Udeh as Non Executive Director; Abdulrahman Ado as Executive Director and Stephane Beuvelet, as Acting Managing Director.
9mobile, formerly Etisalat Nigeria, is the fourth of Nigeria’s GSM service providers.
It began trading as “9mobile” in the sequel to the financial troubles in which it was embroiled, when it defaulted in the servicing of a syndicated loan of $1.2 billion owed a consortium of 13 Nigerian banks.
In the aftermath, its erstwhile technical partners, Etisalat exited the business and requested that the use of the “Etisalat” brand name by the company be discontinued forthwith.
The 9mobile network, has been at the receiving end of considerable customer attrition since financial troubles became public in 2017.
From more than 22 million customers on its network in October 2016 for instance, the 9mobile network had just a little over 15 million active subscribers as at November 2018.
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