Reports of Teleology Holdings’ withdrawal from its acquisition of 9mobile have sparked confusion, as the company’s local arm, Teleology Nigeria, disputes the claims. The news surfaced that Teleology Holdings, led by former MTN CEO Adrian Wood, had decided to pull out of the deal, citing delays in finalizing key contractual agreements by its local partner.
Teleology Holdings had been the preferred bidder for 9mobile just two months ago, but tensions have since arisen between the international and local arms of the partnership. Teleology Holdings accused Teleology Nigeria of obstructing the completion of a management services contract, which would have allowed its team of experts to implement critical business plans, including securing funding. The international arm suggested that the local partner’s lack of sincerity was the reason behind its decision to withdraw.
In response, Teleology Nigeria refuted these claims, accusing Teleology Holdings of attempting to bypass due process and introducing questionable practices into the business. The local entity insisted it was committed to adhering to standard operational procedures and would not allow the international partner to deviate from these.
A source within 9mobile clarified that even if Teleology Holdings withdrew, the telecom company would not face major issues. Teleology Holdings owns only a 13% stake in Teleology Nigeria and has allegedly failed to fulfill its $600 million financial commitment. The source also noted that Teleology Holdings had resisted policies promoting local content and greater Nigerian participation in the business.
There are reports that Teleology Holdings is seeking to exit the venture entirely, demanding that Teleology Nigeria change its name. If the withdrawal proceeds, Teleology Holdings may forfeit its $50 million initial deposit made during the acquisition process. Despite the dispute, 9mobile’s future appears stable under its local ownership, with Teleology Nigeria at the helm.
