Teleology finally acquires 9mobile, appoints new board - Dove Bulletin - Online News Bulletin

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Tuesday, 13 November 2018

Teleology finally acquires 9mobile, appoints new board

Teleology Nigeria Limited has finally taken over 9mobile (formerly Etisalat Nigeria) following the approval of the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN).

The company also announced the constitution of a new Board of Directors for 9mobile under the chairmanship of Nasiru Ado Bayero.

Others are 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 company, in a statement yesterday, thanked “all out-going 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.

‘‘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 statement also quoted the new Chairman of the Board, Alhaji Nasiru Ado Bayero as thanking the company’s subscribers.

9mobile, which formerly traded as Etisalat, ran into a problem last year when it failed to pay back in full a $1.2 billion loan facility it took from a number of banks.

The loan issue made one of its major shareholders, Emirates Telecoms Group Company of United Arab Emirates (Etisalat Group), to pull out of the company’s board.

The NCC and CBN moved in to sell the company to prevent it from being taken over by the banks. Teleology Nigeria Limited emerged a winner in a bid process and even went ahead to pay $50million deposit.

The two regulatory agencies in July 2017 appointed a Board of Directors chaired by Dr. Joseph Nnanna, the Deputy Governor of the CBN, to oversee the company pending the completion of regulatory due diligence of the bid documents submitted by Teleology and sixteen others for its acquisition.

The bid process was superintended by Barclays Africa.

Daily Trust couldn’t confirm yesterday if Teleology had paid the balance $251m before it was allowed to acquire 9mobile.
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