Confusion over Teleology Holding’s alleged plan to pull out from 9mobile
Hints about Teleology Holdings’ pulling out from the operations of 9mobile as the preferred bidder has emerged.
The Guardian leant that the firm is dissatisfied with the way the local partner, 9mobile Nigeria is going about the deal, and decided to pull out from the project entirely.
This is coming barely two months after the firm received approval to take over the operations of the embattled telecommunications firm.
The pioneer Chief Executive Officer of MTN Nigeria, Adrian Wood, is promoting Teleology Holdings.
Efforts to get comment from 9mobile proved abortive, as the firm’s Acting-Director, Regulatory and Corporate Affairs, Seyi Osunsedo, failed to pick calls made to her mobile line.
A sources close to the telecommunications firm, said 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.
The sources alleged that Teleology Holdings has been blocked from concluding a management services contract with the local joint venture, Teleology Nigeria Limited.
According to the source, the management services contract would have enabled Teleology Holdings and its team the implementation of the organisation’s elaborate business plans, including funding proposals.
It further revealed that Wood is believed to have resigned from the boards of Emerging Markets Telecommunication Services (trading as 9mobile), as well as Teleology Nigeria Limited.
In a document confirming possible withdrawal, Wood expressed his disappointment with the development. “Fifteen Teleology experts have worked since June 2017 on detailed 9mobile turnaround planning, development strategies and financial restructuring. This included lining up more than US$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 was quoted to have said.
He added: “We now must stand down from further work on the 9mobile project.”
As it is now, Teleology Holdings Ltd will be seeking to exit its shareholding in the local joint venture Teleology Nigeria Limited, which will be required to change its name.
9mobile, formerly Etisalat Nigeria, is the fourth of Nigeria’s GSM service providers. It began trading as “9mobile” sequel to the financial troubles in which it was embroiled.
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