By Prince Osuagwu (Hi-Tech Editor)
The news broke early yesterday morning that Teleology Holdings Inc, represented by former MTN Chief Executive, Adrian Wood had withdrawn from the 9mobile deal, citing delays in effecting important contractual agreements by the local partner, Teleology Nigeria.
This is happening just about two months after it received approval to take over operations of 9mobile as the preferred bidder.
Going! Going! Gone! Finally, 9Mobile goes to Teleology
The two arms appear to be trading tackles. While Teleology Holdings is accusing the local partners of blocking it from concluding a management services contract, the local partner was short of calling the international arm a fraud, saying it does not want to abide by due processes and standards of operation.
Meanwhile, Teleology Holdings said that the management services contract would have enabled it and its team of experts oversee the implementation of the organisation’s elaborate business plans including funding proposals, had the local partner straightened its acts.
It said the decision to pull out of the 9mobile deal was because it doesn’t appear the local partners were sincere in the whole project.
However, the local partner, Teleology Nigeria retorted by saying that some of the practices the international arm wanted to introduce to the business were unbecoming, hence the willingness to see Teleology Holding adjust to standard practices or quit willingly.
A reliable 9mobile source told Vanguard that even if Teleology Holdings withdrew, it does not mean the 9mobile brand will have any issues because Teleology Holdings is just a minority shareholder with only 13 percent shareholding.
He said: “If your information is correct, I don’t think 9mobile will even have any issues. 9Mobile has no business with Teleology Holdings which is owned by Adrian Woods. 9Mobile is owned by Teleology Nigeria Limited which is a fully registered indigenous company. Teleology Holdings is just a minority interest holder in Teleology Nigeria Limited. “It holds only 13% equity which up till now, it (Teleology Holdings) has failed to pay 600Million USD it is supposed to remit”.
The source also accused some of the executives of Teleology Holdings as being averse to local content policy that would allow more Nigerians either employed or have stakes in 9mobile
Teleology Holdings Ltd is reported to be seeking to exit its shareholding in the local joint venture, Teleology Nigeria Limited, and demanded the Teleology Nigeria to change its name.
If that happens, the $50 million initial deposit the company paid to acquire 9mobile could be forfeited.
👉 News Source.
Originally Authored By: adekunle