Finally, Teleology Takes Over 9mobile

The sale of 9mobile formerly Etisalat Nigeria seems to have finally come to conclusion as information available to TechEconomy.ng shows that government regulators in-charge of the process have transferred the number four mobile phone company to new owners, Teleology Nigeria Limited.

Teleology, new owners of 9mobile, announced this Yesterday according to report by Technology Times.

However, TechEconomy.ng could not independently confirm at at press time that Teleology has paid the balance of $450 million after the initial $50 million it paid in last April.

Meanwhile, they have constituted a new Board of Directors for the mobile phone company, following the successful completion of the tenure of the former Board appointed by the Central Bank of Nigeria (CBN), the banking industry regulator.

Non-Executive Director of Teleology, Mohammed Edewor, announced that the new Chairman of the Board is Alhaji Nasiru Ado Bayero, who has accepted the appointment.

The new Board of Directors are:

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)

Stephane Beuvelet (Acting Managing Director)

The constitution of the new Board, according to Technology Times report marks the “definitive end” of the long process that has trailed the sale of 9mobile, the new owners say, while adding that the deal has also received the seal of approval of the Nigerian Communications Commission (NCC), the telecoms industry regulator.

According to Edewor, “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 Bayero who also welcome his appointment says that “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. Without you, there could not have been a 9mobile business for us to invest in today. We will justify your confidence in our brand by making significant investments that will improve the value you get for using 9mobile.”

CBN in collaboration with the NCC, had in July 2017 appointed a Board of Directors chaired by Dr. Joseph Nnanna, the Deputy Governor of the Central Bank of Nigeria, to oversee the affairs of the company pending the completion of regulatory due diligence of the bid documents submitted by Teleology and sixteen others for its acquisition that was managed by Barclays Africa.

Source: Technology Times.

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