Emerging Markets Telecommunication Services Limited, trading as 9mobile, wednesday, responded to the recent withdrawal of Teleology Holdings Limited from the 9mobile acquisition deal.
9mobile blamed Teleology for allegedly failing in its responsibilities in the entire acquisition process.
In a statement issued by 9mobile and signed by its Director, Regulatory and Corporate Affairs, Oluseyi Osunsedo, the company confirmed the resignation of the founder of Teleology Holdings, Mr. Adrian Wood, and wished him well in his future endeavours.
9mobile in the statement said Teleology Holdings failed to meet its obligation in the entire acquisition process of 9mobile, even though it owned a minority stake in Teleology Nigeria Limited.
According to the statement, “Adrian Wood’s Teleology Holdings Limited, which only owned a minority stake in Teleology Nigeria Limited, failed severally and wholly to meet their obligations. Wood was not personally present for all the critical presentations made by the consortium during the bid process and failed abjectly with his financing arrangements with Swiss-based UBS Bank. In all these failings, other partners in the consortium filled the gap and pushed ahead until the sale was completed,” the statement said.
“Since taking over the company, and without any assistance from Wood or Teleology Holdings, the Board has revived and enhanced relationships with key vendors and core business accounts; improved business relationships with suppliers; enhanced its core network capabilities to deliver network efficiency competitively with other operators.
“With the assistance of leading global consultants, the company is also undertaking a complete review of its operational, regulatory, financial and technical architecture. On this basis, 9mobile has emerged from a period of uncertainty over the past two years to attain an active subscriber base of 16 million, representing a net increase of over one million subscribers in the last six weeks alone.
“The company’s core strategy in the short to medium term shall be underpinned by cost efficiency, innovative product development, network efficiency and strategic technical partnerships. We believe that this approach towards organic growth is more sustainable in building a strong Nigerian telecom operator, which taps into the deep technical expertise of the Nigerian labour force than an approach motivated by short-term financial gain advocated by Wood and his associates.
“It is regrettable that Wood has allowed the same avarice, rascality, impatience and knavery that characterised his turbulent association with, and inglorious exits from several other companies to manifest again so early in 9mobile. While we wish him well in his future endeavors, we unequivocally assure our customers, suppliers, partners, regulators, and stakeholders that the Board is committed to continuing the upward mobility of 9mobile. Having invested so heavily in buying the company, and assembling a reliable team to pursue our goals, we want to categorically state that no distractions can stop us from this mission,” the statement further said.
Wood’s led Teleology Holdings had accused Teleology Nigeria of declining to execute a management services contract with Teleology Holdings, since Teleology Holdings received approval from the Nigerian Communications Commission (NCC), to take over the affairs of 9mobile two months ago.