Teleology completes 9mobile acquisition with $301m

…Appoints new board of directors for 9mobile
Teleology Nigeria Limited has finally completed payment of $301 million to acquire 9Mobile- the third largest mobile network operator in Nigeria, findings by The Daily Times revealed.

In our fact findings, an inside source close to Afreximbank, but not authorised to speak on this development, disclosed that $251.1 million was paid on Monday to complete the total sum of $301 million to perfect the full takeover of the mobile network operator.

The Daily Times further checks, however, showed that the funds were sourced from Afreximbank, even as the new owner announced the constitution of a new Board of Directors for the telecommunication company.

In a statement obtained on Monday in Lagos, the new owner of 9mobile stated: “Teleology is pleased to announce the constitution of a new Board of Directors for Nigeria’s multi-award-winning telecommunication company,

9mobile, following 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, Teleology Nigeria Limited.”

The document, which was signed by a new Non-Executive Director, Mohammed Edewor, stated further: “We thank all outgoing members of the Board for helping to shepherd 9mobile through the critical transition phase it has passed through since July 2017 and wishes them the very best in their future assignments.

“For us, the composition of the new Board of Directors is another significant milestone, and this follows the issuance of the 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”, it added.

The new Board of Directors of the telecommunication company 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 and Stephane Beuvelet, Acting Managing Director.

The new Chairman of the Board, Alhaji Nasiru Ado Bayero welcomed the appointment, stating 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.”

The Daily Times recalls that the 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 16 others for its acquisition.

Barclays Africa superintended the bid process. But with the emergence of the Board, the long process for the acquisition of 9mobile has reached a definitive end marking the beginning of a new era for the telecommunication company.

But the new development put to rest, one year of back and forth struggle, the process of selecting a preferred bidder amidst a media war that raged between leading bidders.

CBN and NCC had jointly, in their roles as regulators, opted for an innovative approach to deal with a distressed company – 9mobile operated by Emerging Markets Telecommunications Services Limited (EMTS) when its predecessor, Mubadala Group, Etisalat International brand pulled out of the country due to heavy debt.

Over 4000 employees were thrown into the labour market and almost disconnected 22 million subscribers.

To save jobs and protect the 22 million subscribers on the network, the CBN and NCC jointly took over the running of the distressed network under a new name -9mobile and invited prospective buyers to bid.