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Monday, November 12, 2018

Teleology paid up $450m, appoints Beuvelet, MD, Ado-Bayero, chairman - ITREALMS


The selling of 9mobile, hitherto known as Etisalat Nigeria may have finally been resolved with the pronouncement and constitution of new board of directors under the chairmanship of the Nasiru Ado Bayero, as Teleology Nigeria Limited takes over, reports ITREALMS.

This is coming as ITREALMS gathered that Stephane Beuvelet, has been appointed Acting Managing Director of 9mobile.

The new owners of 9mobile, Teleology, also revealed that they have paid the balance of $450 million after the initial $50 million paid in last April.

The seven-man new Board of Directors emerged followed the successful completion of tenure of the former Board appointed by the Central Bank of Nigeria (CBN).

One the newly appointed Non-Executive Director of Teleology, Mohammed Edewor, was quoted as saying that the new Chairman, Alhaji Nasiru Ado Bayero, has accepted the appointment.

The new 7-man Board of Directors comprised, Nasiru Ado Bayero (Chairman), Asega Aliga (Non-Executive Director), Adrian Wood (Non-Executive Director), Mohammed Edewor (Non-Executive Director), Winston Ndubueze Udeh (Non-Executive Director), Abdulrahman Ado (Executive Director), and Stephane Beuvelet (Acting Managing Director).

According to the Nigerian Communications Commission (NCC) guidelines on the transaction brings to conclusion on the long process which marked the sale of 9mobile.

New chairman of 9mobile board, Alhaji Bayero was quoted as welcoming his appointment, saying that “as we begin this new epochal phase, we wish to thank all the employees who built this viable business. Our debt of gratitude also goes to our subscribers even as we assure them to get ready for real best-in-class additional value for their relationship with the 9mobile brand. Without you, there could not have been a 9mobile business for us to invest in today. We will justify your confidence in our brand by making significant investments that will improve the value you get for using 9mobile.”

“For us, the composition of the new Board of Directors is another significant milestone, and this follows the issuance of final approval of no objection by the Board of the Nigerian Communications Commission (NCC) to the effect that the technical and financial bids Teleology submitted for 9mobile met and satisfied all the regulatory requirements. This is indeed the dawn of a new era in the evolution of the 9mobile brand in the Nigerian market,” Edewor said.

ITREALMS recalls that CBN in collaboration with NCC, had as at July 2017 appointed a Board of Directors chaired by Dr. Joseph Nnanna, the Deputy Governor of the Central Bank of Nigeria, to oversee the affairs of the company pending the completion of regulatory due diligence of the bid documents submitted by Teleology and sixteen others for its acquisition that was managed by Barclays Africa.

Nenye Dom/GEE

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Pix: Stephane Beuvelet, new acting MD, 9mobile.

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