Two months after Teleology Holdings received approval to take over the operations of 9mobile as the preferred bidder, Teleology Holdings has expressed its dissatisfaction over the business relationship with its local partner, 9mobile Nigeria, and has decided to pull out from the 9mobile project.
Based on the current situation, Teleology Holdings Ltd will be seeking to exit its shareholding in the local joint venture, Teleology Nigeria Limited, which will be required to change its name, a situation that will put the $50 million initial deposit paid for the acquisition of 9mobile by Teleology Holdings, in jeopardy.
Sources close to the 9mobile organisation told the media that Teleology Holdings had become increasingly uncomfortable with actions taken outside of the agreed business plan, since the November 12, 2018 formal take-over of 9mobile.
According to the source, Teleology Holdings has been blocked from concluding a management services contract with the local joint venture, Teleology Nigeria Limited. The management services contract would have enabled Teleology Holdings and its team of experts oversee the implementation of the organisation’s elaborate business plans including funding proposals.
Source: This Day