Teleology poised to take over 9mobile despite controversies
The acquisition of 9mobile by Teleology Holding may go ahead, in spite of the controversies that have surrounded the entire process since inception.
9mobile’s acquisition by Teleology Holdings has incited opposition from many quarters, including some groups who are trying to use the courts to foil the process.
According to TMT Finance, even though the investment firm, Teleology Holdings will most likely not be disqualified from acquiring 9mobile, it may still be invited before House of Representatives to make an official presentation of its plans for the telco.
But, the ongoing sale of the embattled telecoms company has been temporarily placed on hold by a Federal High Court. This is to deal with the protests of some of the company’s angry shareholders, including Alhaji Dahiru Mangal, a businessman.
Not deterred, Teleology has however, intensified efforts to beat the deadline for the payment of the bid sum as it shops for $300 million.
According to the report, Teleology Holdings had hired UBS to help it raise a $300 million bridge loan from local banks and investors to cement the acquisition.
UBS is a global firm providing financial services in over 50 countries.
Teleology, it was gathered, made an offer of $301 million to acquire 9mobile, and has since paid the $50 million non-refundable cash deposit to clinch its preferred bidder position for the sale of 9mobile.
The remaining amount to be paid will be raised via equity, the TMT Finance report said.
Teleology, a special purpose vehicle (SPV), was set up by Nigerian investors.
Teleology is under the stewardship of Adrian Wood, one of the past CEOs of MTN Nigeria.
Adrian Wood, an Australian-born technocrat, was the Chief Executive Officer of MTN Nigeria from 2002 to 2004.
In all of the opposition, Wood remained resolute and optimistic that he would deliver on promise in terms of the financial ability of Teleology to pay all monies pertaining to the acquisition of 9mobile, and in terms of the technical capability to handle 9mobile.
To set the ball rolling, Wood, in less than 24 hours after meeting the March 22 deadline for the payment of the $50 million non-refundable cash deposit for 9mobile, announced his 10-point agenda on which the telecoms company would be managed.
Teleology, in a statement, detailed an ambitious action plan that would guide its rapid overhaul not only of the network but all aspects of the operations.
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 organisation to emerge would be “engineering led and brand driven.”
“In delivering service, we will strive to ensure that 9mobile operations deliver fulfilment to our customers, empowerment to local communities, protection to the vulnerable, and excellent rewards not only to our shareholders but to all stakeholders,” Wood said.
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