9Mobile Teleology Nig Pulls the Rug from Adrian Wood, Associate Kicks
9mobile has taken up arms against former CEO of MTN Nigeria, Mr. Adrian Wood, Director, Sliide Media, UK, a supposed party to the 9Mobile’s recent successful takeover by Teleology Nigeria, accusing Mr. Wood of “avarice, rascality, impatience and knavery that characterized his turbulent association with, and inglorious exits from several other companies”
According to the statement signed by Oluseyi Osunsedo, Director, Regulatory and Corporate Affairs on behalf of 9mobile Board of Directors, alleged that while every partner in the consortium that won the bid was delivering and meeting their obligations to the partnership in terms of financial resources, physical availability for crucial meetings and extensive network to help build the business, Mr. Adrian Wood’s Teleology Holdings Limited, which only owned a minority stake in Teleology Nigeria Limited, allegedly failed severally and wholly to meet theirs.
“Mr. 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 claimed, suggesting that that the former MTN Nigeria CEO has been shut out of Teleology Nigeria.
BrandCrunch effort to speak with Mr. Wood in view of this development sadly proved abortive. However, an associate of the Director of Sliide Media and a keen industry watcher who preferred anonymity, countered the allegations maintaining that Adrian was fully involved in the pitch to Barclays Africa that won the bid.
“If they claimed Mr. Wood never delivered or contributed to the bid process, ask them who wrote the business plan submitted to Barclays Africa upon which the bid for 9Mobile was won by Teleology Nigeria?”, he contended.
According to the source, these grave allegations were shenanigans designed to oust him from the business based on one man’s inordinate ambition. The source added that upon winning the bid, Mr. Wood as expected would have been the Managing Director, had requested for technical services management agreement to allow the company to bring in experts as obtainable in proactive telecom organisations as this enables the CEOs to control the company. Our source, however, disclosed this was part of the root cause of an assumed internal conflict as some individuals allegedly wanted to control without having what it takes.
The 9Mobile statement further asserted that since taking over the company, and without any assistance from Mr. 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.
“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”.
The statement also added “this action became necessary to respond to the myriad of false, misleading, and malicious media reports currently in circulation”.
“In the aftermath of the protracted mismanagement of an otherwise healthy company, and eventual default on its loans by the previous owners, 9mobile was acquired by Teleology Nigeria Limited, following an internationally competitive and exhaustive bidding process led by Barclays Africa, with participation of the Central Bank of Nigeria (CBN), Nigeria Communications Commission (NCC) and thirteen Nigerian banks including GT Bank, Zenith Bank, Access Bank and others”.
“This process, which was well covered by the Nigerian media, was concluded with the initial deposit of $50 million and a further payment of $251 million as settlement to the banks who took over the company. These payments, as well as further due diligence and technical evaluations, led to the clearance of the sale by the NCC, and handover of 9mobile to the new owners, who announced a Board on 12 November 2018 with His Royal Highness Prince Nasiru Ado Bayero as the new Chairman”.
Teleology Nigeria Limited is a consortium including several local and foreign investors.
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 1 million subscribers in the last 6 weeks alone, the statement declared.