Teleology Appoints New Board After Finally Taking Over 9mobile

After a long and thorough process, the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have finally given Teleology Nigeria Limited the approval to take over 9mobile.
As soon as the news broke, Teleology announced that a new Board of Directors had been appointed for 9mobile.
The company released a statement thanking all out-going members of the Board for helping 9mobile get through the critical transition phase it had been experiencing since 2017 and wished them all the very best in their future endeavours.
It added that the appointment of the new Board of Directors had been another important milestone and stated that this takeover of 9mobile indicated the dawn of a new era in the evolution of the 9mobile brand in the Nigerian market.
The company announced that the newly appointed board members are Abdulrahman Ado (Executive Director), Nasiru Ado Bayero (Chairman), Stephane Beuvelet (Acting Managing Director), Asega Aliga (Non Executive Director), Winston Ndubueze Udeh (Non Executive Director), Adrian Wood (Non Executive Director) and Mohammed Edewor (Non Executive Director),
The statement also mentioned that the new board members thanked the company’s subscribers and assured them that they would deliver first class service to them within the 9mobile brand. The board members went on to say that 9mobile would have never been in existence without the customers.
9mobile formerly traded as Etisalat and ran into trouble last year when it failed to pay back a $1.2 billion loan that it had taken from various banks.
The loan issue caused one of its significant shareholders, Emirates Telecoms Group Company of United Arab Emirates (Etisalat Group), to leave the company’s board.
The NCC and CBN swooped in to sell the company to a competent telecom investor to prevent the banks from taking it over.
One of the contenders that applied to buy the company, Teleology Nigeria Limited, emerged victorious in the bid process and went ahead to pay $50million deposit.

Credit: This article originated in and can be found there


Share this post