Teleology pays $50 million for 9mobile, partners Safaricom

The preferred bidder for 9mobile, Teleology, has paid the non-refundable $50 million deposit for the acquisition of the telecoms company.

It is reported 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.

It will have to pay a balance of $500m in the next 90 days.

The company also announced that it had entered a partnership with East Africa’s largest telecoms operator Safaricom. Though full details of the partnership have not been made known.

According to Adrian Wood, Teleology’s Director and pioneer Managing Director of MTN Nigeria, “9mobile is transiting into a new phase that will be defined by optimal value delivery:  value to our employees, value to our customers, value to local communities and indeed to all stakeholders.”

“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.”

The Teleology team is made up of ex MTN Nigeria employees: ex-MTN Nigeria CEO, Adrian Wood; Group CEO, Sven-Axel Brudnicki;  Mr. Michael Ikpoki, legal and regulatory, sales and distribution director of Teleology and Demola Elesho, Chief Technical Officer of Teleology

The 9mobile crisis started because under its previous name, Etisalat, it failed to service its 541 billion debt which prompted a consortium of banks to take over the company.