acquisition

9It seems the last has not been heard of the controversial acquisition of 9mobile which has dominated public attention alongside Keystone Bank in a syndicated scandal allegedly involving close allies and relatives of President Muhammadu Buhari. 

Now, two months after Teleology Holdings, one of the joint investors in 9mobile, got approval to take over the operations of 9mobile as the preferred bidder, the company has expressed its dissatisfaction over the business relationship with its local partner and has decided to bail out from the 9mobile project.

This means that Teleology Holdings Ltd will be seeking to divest its stake in the local joint venture, Teleology Nigeria Limited, which will be required to change its name, thereby leading to the withdrawal of the $50 million initial deposit paid for the acquisition of 9mobile by Teleology Holdings.

Reliable sources close to 9mobile confirmed that Teleology Holdings since last year became increasingly discontented with actions taken outside of the initial agreed business plan drafted since the November 12, 2018 formal take-over of 9mobile.

It was also discovered that Teleology Holdings has been barred from concluding a management services contract with the local joint venture partner, Teleology Nigeria Limited, which would have enabled Teleology Holdings and its team of experts oversee the implementation of the organization’s elaborate business plans including funding proposals for repositioning 9mobile.

But as things are now with the joint acquisition venture, the pull-out by Teleology Holdings further stokes the fire of controversy surrounding 9mobile acquisition.

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