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Teleology confirms $50m deposit, shares plan for 9mobile

The preferred bidder for 9mobile, Teleology, has confirmed its fulfilment of the $50m non-refundable financial requirement on Wednesday ahead of the March 22nd deadline.

 

It was gathered that the $50m payment was made to the Trustee for the bank syndicate presently holding ownership of 9Mobile as a sign of Teleology’s financial capability and readiness to revive the organisation.

 

The management of the company is said to have signed the Share Purchase Agreement and other contractual documents after holding several meetings with Nigerian bank syndicate, the regulatory authorities and Barclays, a statement issued by Teleology on Thursday stated.

 

To consolidate the acquisition, it was gathered that Teleology will have to pay a balance of $500m in the next 90 days.

 

According to Teleology’s Director, Adrian Wood, the new management will overhaul the company’s operations to deliver optimal value to employees, customers, local communities and other stakeholders.

 

Wood, who was the pioneer Managing Director of MTN Nigeria added that the new organisation to emerge would be “engineering led and brand-driven.”

 

He said, “We will strive to ensure that 9Mobile’s operations deliver fulfillment to our customers, empowerment to local communities, protection to the vulnerable, and excellent rewards not only to our shareholders but to all stakeholders.”

 

Wood added that Teleology had set out a 10-point plan that aggregated its mission and how it intended to turn the 9mobile organisation around.

 

It plans to double the 9Mobile network with new 3G/4G specific cell sites as well as a several thousands of kilometres of fiber optic cable across the country, the company stated.

 

He added, “It will drive a special programme of rural Internet coverage, focusing on 4G with broadband access planned for all of Nigeria’s 774 Local Government Areas.

 

“Youth engagement and employment programmes are also planned with all build contractors, distributors and consultants, while investment in broadband Internet access technologies which are completely new to Nigeria, are also planned.”

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