(Last Updated On: January 10, 2019)

The management of 9mobile has described as false, misleading, and malicious reports of acquisition and ownership of the telecommunication company.

The management said following the eventual default on its loans to some financial institutions by previous owners, 9 mobile was acquired by teleology Nigeria limited.

The acquisition, it said, followed internationally competitive and exhaustive bidding process led by Barclays Africa with participation of the Central Bank of Nigeria (CBN), Nigeria Communications Commissions (NCC) and thirteen Nigerian money deposit banks.

The telecommunication company said contrary to public beliefs, one of its erstwhile partners, Teleology Holdings failed to meet up with its part of the agreement which eventually led to their parting of ways.

Director, Regulatory and Corporate Affairs, Oluseyi Osunsedo, in a statement on Thursday, said the process of acquiring the telecommunication company was concluded with the initial deposit of $50 million and a further payment of $251 million as settlement to the bank who took over the company.

He said these payments, as well as further due diligence and technical evaluations, led to clearance of the sale by the NCC and handover of 9 mobile to the owners, who announced a board on 12 November 2018 with his royal highness Prince Nasiru Ado Bayero as the new chairman.

Osunsedo said: “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, Mr. Adrian Wood’s Teleology holding limited which only owned minority stake in Teleology Nigeria Limited, failed severally and wholly to meet theirs.

“Mr. Wood was not personally present for all the critical presentation 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.

“Since taking over the company, and without any assistance from Mr. Wood or Teleology holdings, the board has revived and enhanced relationship with key vendors and core business account; improved business relationship and with suppliers; enhance its core network capability to deliver network efficiency competitively with other operators.

“With the assistance of leading global consultant, the company is also undertaken a complete review of its operational, regulatory, financial and technical architecture.

“On these basis 9 mobile has emerged from a period of uncertainty over the past two years to attain an active subscriber base of 16 million, by presenting a net increase of over one million subscribers in the last six weeks alone.

“The company’s core strategy in the short to medium term shall be underpinned by cost efficiency, innovate product development, network efficiency and strategic technical partnership.

“We believe that this approach towards organic growth is more sustainable in building a strong Nigerian telecom operator, which taps into the deep expertise of the Nigerian labour force than an approach motivated by short – term financial gain advocated by Mr. Adrian Wood and his associate”.

Source: Nations

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