9mobile, a joint-venture formed by Teleology Holdings Limited, which is the official transferee of the majority of the company’s shares since November 2017, and its local partner, is once again in turmoil.
Teleology Holdings Limited that was chosen in February 2018 as the prefered bidder for the acquisition of 9mobile has already invested $550 million ; $50 million as a non-refundable deposit and $500 million for the value of 9mobile. However, infuriated by some actions initiated by the local partner which are not compliant with the agreed business plan, it has decided to disengage from the project
According to the Nigerian media Thisday, Adrian Wood, Teleology Holdings Limited’s founder, has already retired from the administrative board of 9mobile. In a statement, he declared: "Fifteen Teleology experts have worked since June 2017 on detailed 9mobile turnaround planning, development strategies and financial restructuring. This included lining up more than $500 million 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 works on the 9mobile project."
Teleology Holdings Limited’s withdrawal from the shareholding of 9mobile will once again disrupt the national telecoms market, which was expecting a break after a year full of difficulties. Indeed, apart from 9mobile’s search for a permanent transferee, there was also the crisis between MTN and Nigerian authorities over a case of repatriated funds.
The fintech leaders primarily emerge from Nigeria, Egypt, Kenya, and South Africa, nations recognize...
By linking ECOWAS countries, the project enhances regional digital infrastructure, which is crucial ...
The acquisition signals rising confidence in Africa’s digital infrastructure as a viable, long-term ...
As digital technologies reshape Africa's job market, digital skills are becoming crucial for youth i...
- Micro, small, and medium enterprises received over half of business loans in WAEMU in 2024 - Bank ...
• Belgian investor Victoria Equity injected $6.2M loan, proposing share conversion that would dilute State control.• Minister Bussa urges matching...
• African Gold began a 40,000m drilling program at Didievi in Côte d’Ivoire, running through 2026.• Backed by Montage Gold’s \M investment, it targets...
• Ghana has terminated Rocksure International’s lease for the Nyinahin bauxite deposit, Reuters reported on July 28.• The $1.2B project with GIADEC...
What seemed like a routine administrative matter has drawn Madagascar into an international controversy. Five Boeing 777 aircraft, briefly registered with...
Garamba National Park, located in the northeastern Democratic Republic of Congo, is one of Africa’s oldest and most iconic protected areas. Established in...
Perched in the rugged heights of the Djebel Nefoussa in northwestern Libya, Qasr Al Haji (also spelled Ghasr Al-Hajj) is a striking example of traditional...