- Teleology Holdings has been shut out of the agreed business plan since the formal take-over of 9mobile last November, according to reports.
- Adrian Wood did not reply Business Insider Sub-Saharan Africa's enquiries on Monday.
- If Teleology Holdings fails to meet up with regulatory requirements in the 9mobile deal, the next preferred bidder, Smile, may take up the deal.
According to a report by ThisDay, Teleology Holdings Limited will be seeking to exit its shareholding in the local joint venture and the process will see one of the main investors in the deal, Teleology Nigeria Limited, changing its name.
Why Adrian Wood is taking Teleology Holdings out of 9mobile investment
ThisDay quoting anonymous source within the deal reported that 'Teleology Holdings was blocked from concluding a management services contract with the local joint venture, Teleology Nigeria Limited.'
Other sources say Teleology Holdings has been shut out of the agreed business plan since the formal take-over of 9mobile last November.
As a result of the developments,
Adrian Wood, a former CEO of MTN Nigeria and board member of the Emerging Markets Telecommunication Services, (9mobile), as well as Teleology Nigeria Limited resigned his appointment.
“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,” ThisDay quoted Wood saying.
“We now must stand down from further work on the 9mobile project,” the statement added.
Implications for 9mobile
The move by Adrian Wood and other investors may see Teleology Holdings losing the $50 million initial deposit made for the acquisition of 9mobile. This also put a test on the future of 9mobile after Etisalat's exit in the country.
In December 2018, IHS Tower, an infrastructure services provider issued a 10-day ultimatum to disconnect telecom operators owing the firm. Etisalat and some of the firms are part of this and may put the telecoms' 15 million subscribers into jeopardy.
Adrian Wood did not reply Business Insider Sub-Saharan Africa's enquiries on Monday. And so far, there are no comments from other stakeholders and the Nigerian regulator, Nigerian Communication Commission (NCC), on the matter.
If Teleology Holdings fails to meet up with regulatory requirements in the 9mobile deal, the next preferred bidder, Smile, may take up the deal.