Telecom

Nigeria : Teleology Holdings Ltd disengages from its 9mobile deal

Tuesday, 08 January 2019 16:55
Nigeria : Teleology Holdings Ltd disengages from its 9mobile deal

(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.





 
Finance


 
Public Management


Ecofin Agency covers the news from 9 business sectors in Africa: Public management, Finance, ICT, Agribusiness, Electricity, Mining, Oil and Gas, Comms and Laws. Ecofin Agency is also creating and management specialized medias, in paper and on the web/social networks, for institutions or African publishers.

AGENCE ECOFIN

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

REDACTION
redaction@agenceecofin.com

Public management
Aaron AKINOCHO
Borgia KOBRI
Moutiou ADJIBI

Finance
Idriss LINGE
Walid KEFI
Chamberline MOKO

Agribusiness
Espoir OLODO

Electricity
Gwladys JOHNSON

Oil and Gas
Olivier DE SOUZA

Mining
Louis-Nino KANSOUN

ITC 
Muriel EDJO

Comms
Servan AHOUGNON

Cameroon
Brice R. MBODIAM
Sylvain ANDZONGO
Monique MAY
Julienne Rose SENDE

Togo
Fiacre E. KAKPO
Waliyullah TAJUDEEN
Séna AKODA

Niger
Sandrine GAINGNE

Gabon
Stephane BILLE
Pierre-Celestin ATANGANA

Desk
Stéphane ALIDJINOU
Souha TOURE
Vahid CODJIA
Diane ZODEHOUGAN
Hikmatu BILALI

Translation
Schadrac AKINOCHO
Mouka MEZONLIN
Firmine AÏZAN



Digital
Omar SOKHNA
Mamadou DIOP
Bacary MANE
Abdel Razak MOULIOM

Digital Marketing
Jérémie FLAUX
Geraud ACHI
Jean Christian BERNARD
Franck FOUTE

Web publishing
Bakoly RAHARISOA
Rina RAMANANDRAISOA
Hasina RAJEMISON

Development
Dominique FLAUX

 


 
REGIE COMMERCIALE
AGENCE ECOFIN
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11
Fax: +41 22 301 96 10

Benjamin FLAUX
bf@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72

Voir page 
Nos services
 

 










 



Ecofin Agency is a news agency for economic and sectorial information. It was created in 2010 and it website was launched in June 2011.

Please publish modules in offcanvas position.