Teleology has formally taken over the management of 9mobile following the issuance of the final approval of no objection by the Board of the Nigerian Communications Commission.
The company also said it had satisfied all the regulatory requirements after 17-long months submitting both technical and financial bids for 9mobile, a statement signed by a new Non-Executive Director in Teleology, Mohammed Edewor, said on Monday.
The statement also said it had constituted a new board of directors for Nigeria’s fourth largest telecommunications company by subscribers, following the successful completion of the tenure of the former board appointed by the Central Bank of Nigeria and in fulfilment of the consequential transfer of final ownership to the new investors, Teleology Nigeria Limited.
The former Etisalat fell into crisis when it defaulted on a loan repayment scheme to the tune of $1.2bn due to a consortium of 13 local banks, citing economic downturn and currency devaluation.
This led to the exit of the Etisalat Group of the United Arab Emirates from the company, which handed over its 45 per cent stake, terminated its existing management and technical support agreements with the telecoms company.
The CBN in collaboration with the NCC had in July 2017 intervened to save the company from collapse and appointed a Board of Directors chaired by Dr Joseph Nnanna, a Deputy Governor of the apex bank.
The board was asked to oversee the affairs of the company pending the completion of regulatory due diligence of the bid documents submitted by Teleology and 16 others for its acquisition.
The consortium of lenders picked Barclays Africa to supervise the sale of 9mobile.
In February this year, Teleology beat 16 other firms that submitted Expressions of Interest to Barclays Africa, emerging as the preferred bidder for the embattled telco.
It was reported that Teleology made an offer of $301m for the company, while Smile Telecoms Holding emerged as the reserved bidder having offered $300m.
Some of the companies that showed interest in acquiring 9mobile last year were MTN, Airtel, ntel, Virgin Mobile from the United Kingdom and Vodacom of South Africa.
Others are BUA Group, Morning Side Capital Partners, Obot Etiebet & Co, Blackstone Private Equity, and Hamilton and George International Limited.
The Board of Teleology is chaired by Nasiru Ado Bayero, with Abdulrahman Ado appointed an Executive Director; and Stephane Beuvelet acting as the Managing Director.
The Non-Executive Directors of the telco are Asega Aliga, Adrian Wood, Mohammed Edewor, Winston Ndubueze Udeh and Abdulrahman Ado.
Bayero, who welcomed the appointment, said, “As we begin this new epochal phase, we wish to thank all the employees who built this viable business. Our debt of gratitude also goes to our subscribers even as we assure them to get ready for real best-in-class additional value for their relationship with the 9mobile brand.
“Without you, there could not have been a 9mobile business for us to invest in today. We will justify your confidence in our brand by making significant investments that will improve the value you get for using 9mobile.”
The statement revealed that the bid process was superintended by Barclays Africa, adding that with the emergence of the board, the long process for the acquisition of 9mobile had reached a definitive end, marking the beginning of a new era for the telecommunications company.