9mobile Confirms Teleology Holdings’ Withdrawal From Telco Firm
The Board of Directors of Nigeria’s fourth largest mobile network, 9mobile, has confirmed that Teleology Holdings and its founder, Mr Adrian Wood, have pulled out of deal with the telecoms company – two months after getting approval to run the telecoms firm.
Teleology Holdings is a special purpose vehicle comprising telecoms industry veterans and led by pioneer Chief Executive Officer of MTN Nigeria, Mr Wood.
But sources close to 9mobile claimed that Teleology Holdings had become increasingly uncomfortable with actions taken outside of the agreed business plan since 9mobile was formally taken over on November 12, 2018.
It was gathered that Teleology Holdings had been blocked from concluding a management services contract with the local joint venture, Teleology Nigeria Limited.
Other sources say Teleology Holdings has been shut out of the agreed business plan since the formal take-over of 9mobile last November.
The management services contract, they said, would have enabled Teleology Holdings and its team of experts oversee the implementation of the organisation’s elaborate business plan including funding proposals.
While expressing his disappointment, Wood had said, “Fifteen Teleology experts have worked since June 2017 on detailed 9mobile turnaround planning, development strategies and financial restructuring. This included lining up more than $500m fresh direct foreign investment from international institutions. 9mobile is an exciting opportunity to build a revolutionary mobile network that could be the pride of Nigeria, unfortunately, it appears that we will not be able to participate. We now must stand down from further work on the 9mobile project.”
Consequently, Wood was said to have resigned from the boards of Emerging Markets Telecommunication Services (trading as 9mobile) as well as Teleology Nigeria Limited.
However, the Board of Directors of 9mobile, on Thursday, in a statement signed on its behalf by the Director, Regulatory and Corporate Affairs, Oluseyi Osunsedo, confirmed the exit of Wood, saying it was better off without him, The Punch reports.