Teleology has finally taken full ownership of 9mobile after it received approval 10 months after Barclays Africa, the financial adviser handling the sale of the telecoms announced Teleology Holdings as the preferred bidder.
Smile Telecoms Holdings was also announced as the reserve bidder in a protracted take over deal.
Newsheadline247 understands that Teleology could not take over 9mobile despite the announcement by Barclays Africa and the subsequent transmission of letters of notification to both the preferred bidder and the reserve bidder since February 21, 2018, because it was yet to get the letter of ‘No Objection’ from the Nigerian Communications Commission (NCC), the telecoms industry regulator.
Prof. Umar Danbatta, the Executive Vice Chairman of NCC, had said NCC needed to conduct due diligence on Teleology Holdings to ascertain its technical competence in managing 9mobile.
He, however, said the due diligence had been conducted and the report submitted to the NCC board, but that the board was yet to decide on a position statement, based on the findings of the report.
It was gathered that NCC had concluded on the 9mobile deal and had transmitted a letter of ‘No Objection’ to Teleology, the basis on which Teleology had to quickly appoint a new Board of Directors for 9mobile, having received the NCC nod to take full control of 9mobile. The announcement of the new board also coincided with the completion of the tenure of the former board.
However, Teleology in a statement yesterday, said it was pleased to announce the constitution of a new Board of Directors for 9mobile, following the successful completion of the tenure of the former board appointed by the Central Bank of Nigeria (CBN) and in fulfillment of the consequential transfer of final ownership to the new investors, Teleology Nigeria Limited.
The seven-man Board of Directors include Chairman, Mr. Nasiru Ado Bayero; non-Executive Directors, Mr. Asega Aliga, Mr. Adrian Wood, Mr. Mohammed Edewor, and Mr. Winston Udeh; and Executive Director, Mr. Abdurrahman Ado. Ms. Stephane Beuvelet was appointed acting Managing Director.