9Mobile In Trouble Again As New Owners ‘Teleology’ Pull Out Of Telco






9Mobile

9mobile in trouble again. According to reports reaching me , Teleology Holdings, the new owners of 9mobile ,may just have withdrawn from further participation in the 9mobile project.
If you could recall during the 9mobile crisis , Teleology acquired 9mobile, previously  Etisalat, in November 2018 —  eight months after it made an initial $500million non-refundable deposit to acquire the telco, and a cumulative 10 months after the takeover was billed to have been finalized.




Teleology Holdings, led by Adrian Wood,  a pioneer Chief Executive Officer of MTN Nigeria, eventually won the final bid — ahead of Airtel, Globacom, Smile and Helios.
9Mobile

Teleology Holdings’ successful bid for 9mobile was successful due to the quality of its proposed seven-man management team led by Wood, and was approved by the NCC Technical Evaluation Committee, the 13-member bank lending syndicate as well as the acquisition finance provider, Afreximbank.

9mobile Woes Continue



However, according to developing reports, Teleology Holdings has become extremely uncomfortable with actions taken outside of the agreed business plan, since their initial takeover, considering it has been blocked from concluding a management services contract with the local joint venture, Teleology Nigeria Limited.
The proposed management services contract would have enabled Teleology Holdings and its team of experts oversee the implementation of the its elaborate business plans including funding proposals — but that so far been impossible.

9Mobile
Wood is understood to have resigned from the boards of Emerging Markets Telecommunication Services (trading as 9mobile) as well as Teleology Nigeria Limited, and has already communicated his current disenchantment with the 9Mobile project to his confidants in Teleology.
According to Woods, 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.”
Has 9mobile become the new Econet? We can’t tell. Let me know what you think in the comments


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