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Teleology Confirms $50m Deposit, Shares Plan For 9mobile - Business - Nairaland

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Teleology Confirms $50m Deposit, Shares Plan For 9mobile by omowolewa: 5:13am On Mar 23, 2018
Ife Ogunfuwa

The preferred bidder for 9 mobile , Teleology , has confirmed its fulfilment of the $ 50 m non - refundable financial requirement on Wednesday ahead of the March 22 nd deadline .

It was gathered that the $ 50 m payment was made to the Trustee for the bank syndicate presently holding ownership of 9 Mobile as a sign of Teleology ’ s financial capability and readiness to revive the organisation .

The management of the company is said to have signed the Share Purchase Agreement and other contractual documents after holding several meetings with Nigerian bank syndicate , the regulatory authorities and Barclays , a statement issued by Teleology on Thursday stated .

To consolidate the acquisition , it was gathered that Teleology will have to pay a balance of $ 500 m in the next 90 days .

According to Teleology ’ s Director , Adrian Wood, the new management will overhaul the company ’ s operations to deliver optimal value to employees , customers , local communities and other stakeholders.

Wood , who was the pioneer Managing Director of MTN Nigeria added that the new organisation to emerge would be “ engineering led and brand -driven . ”

He said , “ We will strive to ensure that 9 Mobile ’ s operations deliver fulfillment to our customers , empowerment to local communities , protection to the vulnerable , and excellent rewards not only to our shareholders but to all stakeholders. ”

Wood added that Teleology had set out a 10 - point plan that aggregated its mission and how it intended to turn the 9 mobile organisation around .

It plans to double the 9 Mobile network with new 3 G/ 4 G specific cell sites as well as a several thousands of kilometres of fiber optic cable across the country, the company stated .
He added , “ It will drive a special programme of rural Internet coverage , focusing on 4 G with broadband access planned for all of Nigeria ’ s 774 Local Government Areas .

“ Youth engagement and employment programmes are also planned with all build contractors, distributors and consultants , while investment in broadband Internet access technologies which are completely new to Nigeria , are also planned . ”


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