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Teleology pulls out of 9mobile deal

By Emma Okonji on 08/01/2019

Views: 571


Barely, two months after Teleology Holdings received approval to take over the operations of 9mobile as the preferred bidder, Teleology Holdings has expressed its dissatisfaction with the business relationship with its local partner, 9mobile Nigeria, and has decided to pull out from the 9mobile project.

According to THISDAY report, Teleology Holdings Limited will be seeking to exit its shareholding in the local joint venture, Teleology Nigeria Limited, which will be required to change its name.

This development, it was learnt, will put the $50 million initial deposit paid for the acquisition of 9mobile by Teleology Holdings, in jeopardy.

Sources close to the 9mobile told THISDAY that Teleology Holdings had become increasingly uncomfortable with actions taken outside of the agreed business plan, since the November 12, 2018 formal take-over of 9mobile.

According to the source, Teleology Holdings 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 oversees the implementation of the organisation’s elaborate business plans, including funding proposals.

It was further gathered that following this ugly development, 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, which is trading as 9mobile, as well as Teleology Nigeria Limited.Wood has also in a statement expressed his disappointment about situation in 9mobile.

“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,” Wood said.

Wood added that: “We now must stand down from further work on the 9mobile project.”

The development may further compound the woes of the struggling 9mobile operation. In a pre-disconnection notice advertised by the Nigerian Communications Commission in the media on December 18, IHS, the infrastructure services provider, which hosts majority of 9mobile’s base stations, was granted permission to disconnect 9mobile and other debtor telecom operators within a 10-day ultimatum, ostensibly on account of 9mobile’s indebtedness.

Excerpted from a THISDAY report

Source News Express

Posted 08/01/2019 11:33:42 AM

 

 

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