9Mobile has reported a significant growth in its subscriber base, adding over 1 million new users in just six weeks, bringing its total subscriber count to 16 million. This achievement was announced in the midst of the company’s criticism of Teleology Holdings, led by former MTN CEO Adrian Wood, for lack of seriousness and inadequate support in acquiring the telecom company.

In an official statement by 9Mobile’s Director of Regulatory and Corporate Affairs, Oluseyi Osunsedo, the company emphasized that Teleology Holdings, a minority stakeholder, failed to fulfill its financial and strategic commitments during the acquisition process. The company specifically noted Wood’s absence from key meetings and his inability to secure financing from Swiss-based UBS Bank, leaving other consortium members to step in and ensure the completion of the sale.

Despite these challenges, 9Mobile has made significant progress post-acquisition, reviving relationships with key vendors and suppliers, enhancing its core network capabilities, and undergoing a thorough operational review with the help of global consultants. These efforts have helped stabilize the company and drive recent subscriber growth.

9Mobile’s acquisition followed a competitive bidding process led by Barclays Africa and involved key Nigerian financial institutions and regulatory bodies, resulting in a $301 million settlement to clear debts owed by the company’s previous owners. The telecom company, now under new leadership, is focused on cost efficiency, network improvements, and sustainable growth to strengthen its position in Nigeria’s telecom sector.

The statement concluded by rejecting Teleology Holdings’ approach, which it characterized as driven by short-term financial gains, in favor of a more sustainable, long-term strategy for growth.