Telecoms operators, 9mobile, (formerly Etisalat Nigeria) has confirmed that Teleology Holdings Limited has withdrawn its business dealing with the company.
It also confirmed that Adrian Wood, the leader of Teleology Holdings Limited, has resigned from the boards of Emerging Markets Telecommunication Services (trading as 9mobile) as well as Teleology Nigeria Limited.
Oluseyi Osunsedo, Director, Regulatory and Corporate Affairs, confirmed the development in a statement issued on Thursday.
Teleology Holdings Limited is one of the companies who got the nod in November 2018 to take over Etisalat Nigeria, following the resignation of the latter company’s Chairman, Hakeem Bello-Osagie, and subsequent reshuffle of its executive officers.
This followed the company’s inability to pay off $1.2 billion loan collected from a consortium of 13 Nigerian banks.
It was learnt that Teleology Holdings Limited and Wood, the pioneer Chief Executive Officer of MTN Nigeria, were unhappy with the procedures of business conducted at 9mobile.
It was also gathered that Teleology Holdings were apparently blocked from concluding a management services contract with the local joint venture, Teleology Nigeria Limited.
The investor company contended that the management services contract would have enabled it to supervise the implementation of its business plans for 9mobile.
Wood said he and his team of experts had to “stand down from further work” on what he described as “the mobile network that could be the pride of Nigeria.”
He, however, did not disclose the reason(s) for the sudden turnaround.
But in its statement issued by Osunsedo, 9mobile accused Wood of being absent at all the critical presentations made by a consortium during the bid process and failed abjectly with his financing arrangements with Swiss-based UBS Bank.
The telecoms operator noted that it was being administered by a consortium that has several local and foreign investors.
The investors, the statement noted, were drawn up after an exhaustive bidding process led by Barclays Africa, with the participation of the Central Bank of Nigeria, the Nigeria Communications Commission and 13 Nigerian banks.
The company also said Wood’s company had a minor stake in Telelogy Nigeria Limited and failed to meet its obligations, while other investors in the consortium did theirs.
“In all these failings, other partners in the consortium filled the gap and pushed ahead until the sale was completed.
“Since taking over the company and without any assistance from Mr Wood or Teleology Holdings, the board has revived and enhanced relationships with key vendors and core business accounts; improved business relationships with suppliers; enhanced its core network capabilities to deliver network efficiency competitively with other operators,” the statement partly read.
The statement added that the company is undertaking a review of its operations.
“With the assistance of leading global consultants, the company is also undertaking a complete review of its operational, regulatory, financial and technical architecture,” the statement read.