Teleology Holdings, the new owners of 9mobile, have withdrawn from further participation in the 9mobile project. The company acquired 9mobile, known then as Etisalat, in November 2018. Teleology Holdings will be seeking to exit its shareholding in local joint venture Teleology Nigeria, which will be required to change its name.
Teleology Holdings had become increasingly uncomfortable with actions taken outside of the agreed business plan, since the 12 November 2018 formal take-over of 9mobile.
Teleology Holdings has been blocked from concluding a management services contract with the local joint venture, Teleology Nigeria. The management services contract would have enabled Teleology Holdings and its team of experts to oversee the implementation of the organisation’s elaborate business plans including funding proposals.
Should this disconnection take place, subscribers on 9mobile’s network would have been effectively shut out completely from the telecommunications network and would be unable to make or receive calls. “The 9mobile operation is in dire straits and apart from customer attrition, is battling with huge indebtedness to dozens of suppliers. It would be a tragedy if the acquisition by Teleology goes wrong,” said a staffer of the company.
Teleology Holdings had on November 12 last year, announced the constitution of a new Board of Directors for 9mobile, following the approval it received to officially take over the operations of 9mobile, coupled with the successful completion of the tenure of the former Board appointed by the Central Bank of Nigeria (CBN) and in fulfillment of the consequential transfer of final ownership to the new investors.