Teleology Holdings has decided to withdraw from Nigerian wireless operator 9mobile, just two months after it received approval to take over the indebted cellco’s operations, according to a report by This Day. Sources close to 9mobile were reported as saying that Teleology Holdings had become dissatisfied with actions taken outside of the agreed business plan, including the moves to block the conclusion of a management services contract with Teleology Holdings’ local joint venture Teleology Nigeria Limited. Teleology’s founder Adrian Wood is quoted as saying: ‘15 Teleology experts have worked since June 2017 on detailed 9mobile turnaround planning, development strategies and financial restructuring. This included lining up more than USD500 million fresh direct foreign investment from international institutions. 9mobile is an exciting opportunity to build a revolutionary mobile network that could be the pride of Nigeria, unfortunately it appears that we will not be able to participate. We now must stand down from further work on the 9mobile project.’
In February 2018 Gibraltar-registered Teleology emerged as the preferred bidder for 9mobile, which was known as Etisalat Nigeria until July 2017. The bid process was arranged by Barclays Africa, after a debt default forced 9mobile’s lenders to step in, prompting the exit of main UAE shareholders Etisalat Group. Teleology reportedly raised the USD251 million bid balance by the payment deadline and final clearance for the takeover was received in November.