9Mobile faults Teleology’s claims on operations

THE BOARD OF 9MOBILE has debunked reasons given by one of investors in the company, Teleology Nigeria Limited.

Teleology Nigeria had cited lack of regard for rules and other unprofessional practices by the new majority shareholders as reasons for pulling out.

However, Oluseyi Osunsedo, 9Mobile’s director of regulatory and corporate affairs, said Teleology and its founder, Adrian Woods, were not telling the truth.

In a statement, Osunsedo said In the aftermath of the protracted mismanagement of the company, and eventual default on its loans by the previous owners, 9mobile was acquired by Teleology Nigeria Limited, following an internationally competitive and exhaustive bidding process led by Barclays Africa, with participation of the Central Bank of Nigeria (CBN), Nigeria Communications Commission (NCC) and thirteen Nigerian banks including GT Bank, Zenith Bank, Access Bank and others.

He explained that the process, which was well covered by the Nigerian media, was concluded with the initial deposit of $50 million and a further payment of $251 milwhich lion as settlement to the banks who took over the company.

“These payments as well as further due diligence and technical evaluations led to the clearance of the sale by the NCC, and handover of 9mobile to the new owners, who announced a Board on 12 November 2018 with His Royal Highness Prince Nasiru Ado Bayero, as the new Chairman.

“Teleology Nigeria Limited is a consortium including several local and foreign investors. While every partner in the consortium was delivering and meeting their obligations to the partnership in terms of financial resources, physical availability for crucial meetings and extensive network to help build the business, Adrian Wood’s Teleology Holdings Limited, which only owned a minority stake in Teleology Nigeria Limited, failed severally and wholly to meet theirs.

“Mr. Wood was not personally present for all the critical presentations made by the consortium during the bid process and failed abjectly with his financing arrangements with Swiss-based UBS Bank. In all these failings, other partners in the consortium filled the gap and pushed ahead until the sale was completed”, the statement explained.

The telecoms company said that since taking over the company, and without any assistance from Mr. Wood or Teleology Holdings, the board has revived and enhanced relationships with key vendors and core business accounts; improved business relationships with suppliers; enhanced its core network capabilities to deliver network efficiency competitively with other operators. With the assistance of leading global consultants, the company is also undertaking a complete review of its operational, regulatory, financial and technical architecture.

It further said 9mobile has emerged from a period of uncertainty over the past two years to attain an active subscriber base of 16 million, representing a net increase of over 1 million subscribers in the last 6 weeks alone.

Teleology Nigeria Limited is a consortium including several local and foreign investors. While every partner in the consortium was delivering and meeting their obligations to the partnership in terms of financial resources