(Ecofin Agency) - 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.