The board of directors of Nigeria-based telecoms operator company 9Mobile has finally come forward to explain the actual reason behind the exit of Teleology Holding, a company led by former MTN Group executive Adrian Wood. The departure was announced just two months after the formal takeover of 9Mobile.
In an official statement, 9Mobile’s Director, Regulatory and Corporate Affairs, Oluseyi Osunsedo, said neither Adrian Wood nor his Teleology Holdings Inc. paid any efforts to meet their obligations to help build the company’s business, reported Vanguard.
“Teleology Nigeria Limited is a consortium including several local and foreign investors,” Osunsedo said. “While every partner in the consortium was delivering and meeting their obligations to the partnership in terms of financial resources, physical availability for crucial meetings and extensive network to help build the business, Mr. Adrian Wood’s Teleology Holdings Limited, which only owned a minority stake in Teleology Nigeria Limited, failed severally and wholly to meet theirs.”
He added that Mr. Wood failed to attend important meetings and presentations made by the consortium during the bid process.
“Mr. Wood was not personally present for all the critical presentations made by the consortium during the bid process and failed abjectly with his financing arrangements with Swiss-based UBS Bank,” the statement read. “In all these failings, other partners in the consortium filled the gap and pushed ahead until the sale was completed.”
In the statement, the board assured 9Mobile’s customers, suppliers, partners, regulators, and stakeholders that Teleology Holding exit will not distract it from pursuing its goals considering the investment made in acquiring the company.
“We unequivocally assure our customers, suppliers, partners, regulators, and stakeholders that the board is committed to continuing the upward mobility of 9mobile,” the statement read.
Notably, the exit of Adrian Wood and other investors will likely see Teleology Holdings losing the $50 million initial deposit made for the acquisition of 9mobile, which currently has an active subscriber base of 16 million.