Teleology Holdings has paid the USD50 million deposit for Nigerian wireless operator 9mobile, which was known as Etisalat Nigeria until July 2017, reports local newspaper This Day. Teleology last month emerged as the preferred bidder for 9mobile, beating the only other participant – pan-African LTE operator Smile Telecoms. Led by former chief executive of MTN Nigeria Adrian Wood, Teleology is expected to pay the balance of its USD500 million bid within the next 90 days, in order to take full possession of the indebted cellco.
According to Wood, Gibraltar-registered Teleology is made up of twelve international and eight Nigerian shareholders. He added that both the Share Purchase Agreement and Loan Purchase Agreement have been executed, enabling Teleology to assume the loans of the 13 banks from 9mobile in exchange for a payment plan. ‘We have started paying in consideration for taking over the loan portfolio. About half of the loan would have been paid by the time we takeover 9mobile, and we will continue with payments into the future,’ he said.