9mobile’s troubles may not be over yet, as Adrian Wood and Teleology Holdings move to withdraw from the takeover deal. But the situation isn’t as serious as it looks.

It has been tough times since Etisalat’s financial troubles blew up in 2017, leading to the withdrawal of Etisalat International and the re-branding to 9mobile. Since then, Nigeria’s 4th mobile operator has lost over 5 million subscribers till date.

In a long drawn out slug-fest that pit a number of contenders, including finalists Airtel, Globacom, Helios, Smile, and Teleology against one another, it was the consortium of local and foreign investors known as Teleology Nigeria Ltd that won the final bid. Teleology Holdings is a company promoted by pioneer MTN Nigeria CEO, Adrian wood. It has a minority stake in Teleology Nigeria Ltd, the winner of the 9mobile bid.

But then, the plot took a new turn: in January 2019, Teleology Holdings, the company that had courted and fought tooth and nail to get the bride, was reported to be backing out of the deal.

In a move that took the public by storm, Wood resigned from the boards of both 9mobile and Teleology Nigeria Ltd.

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