Teleology Takes Over 9mobile, Appoints New Directors

Teleology has formally taken over the management of 9mobile after about eight months when it made the initial $50 million non refundable deposit to acquire it. It also announced the constitution of a new board of directors for the company in Lagos on Monday.

It said that the constitution of the new board followed the successful completion of the tenure of the former board appointed by the Central Bank of Nigeria and in fulfillment of the consequential transfer of final ownership to the new investors, Teleology Nigeria Limited.
The new board members included Nasiru Ado Bayero, Chairman; Asega Aliga, Non Executive Director; Adrian Wood, Non Executive Director; Mohammed Edewor, Non Executive Director; Winston Ndubueze Udeh, Non Executive Director; Abdulrahman Ado Executive Director and. Stephane Beuvelet who is the acting Managing Director.
According to Teleology, issuance of final approval of no objection by the NCC, means that the technical and financial bids Teleology submitted for 9mobile met and satisfied all the regulatory requirements.
One of the new board members, Mr Mohammed Edewor, said Teleology is pleased with all out-going members of the Board for helping to shepherd 9mobile through the critical transition phase it has passed through since July 2017.

He said: “For us, the composition of the new Board of Directors is another significant milestone, and this follows the issuance of final approval of no objection by the Board of the Nigerian Communications Commission (NCC) to the effect that the technical and financial bids Teleology submitted for 9mobile met and satisfied all the regulatory requirements. This is indeed the dawn of a new era in the evolution of the 9mobile brand in the Nigerian market.
The new Chairman of the Board, Alhaji Nasiru Ado Bayero also said: “As we begin this new epochal phase, we wish to thank all the employees who built this viable business.

Our debt of gratitude also goes to our subscribers even as we assure them to get ready for real best-in-class additional value for their relationship with the 9mobile brand”
Teleology had on March 21, 2018 paid the initial $50 million non-refundable deposit as a demonstration of its commitment to acquire 9mobile and was given a 90-day timeline to pay the balance having emerged the preferred bidder following the evaluation of the technical and financial bids for the telecom company.
However on expiration of the deadline, it was rumoured that the inability of the Central Bank of Nigeria (CBN), Nigeria Communications Commission (NCC) and other stakeholders to reach  a  meaningful conclusion on the matter, stalled the final takeover.
Meanwhile, Teleology was granted an extension of 20 days to tidy up the payment process and take over 9mobile.

Consequently, the NCC also hinted that even with the final payment, the technical capability of Teleology to manage 9mobile successfully must be put into serious forensic test before operating license could be transferred to it.
Having finally issued the approval of no objection, it could be that the NCC has tested and approved Teleology’s technical capability. 

November 13, 2018