Teleology Withdraws from the 9mobile Project

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The new owners of 9mobile, Teleology Holdings, has expressed its dissatisfaction over the business relationship with 9mobile Nigeria and has decided to withdraw its participation in the project. This is coming two months after Teleology Holdings received approval to take over the operations of 9mobile as the preferred bidder.

According to Thisday, Teleology Holdings Ltd will be seeking to exit its shareholding in the local joint venture, Teleology Nigeria Limited, which will be required to change its name, a situation that will put the $50 million initial deposit paid for the acquisition of 9mobile by Teleology Holdings, in jeopardy.

There are reports that Teleology Holdings had become increasingly uncomfortable with actions taken outside of the agreed business plan, since the November 12, 2018 formal take-over of 9mobile, especially how it has been blocked from concluding a management services contract with the local joint venture, Teleology Nigeria Limited.

The management services contract would have enabled Teleology Holdings and its team of experts oversee the implementation of the organization’s elaborate business plans including funding proposals.

Teleology acquired 9mobile, formerly known as Etisalat, in November 2018 after it made an initial $500 million non-refundable deposit to acquire the telco.

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