Teleology Holdings has now signaled its takeover of 9mobile with the appointment of Stephane Beuvelet as the acting managing director for the mobile carrier.
Formerly known as Etisalat, 9mobile is Nigeria’s smallest and fourth largest mobile carrier with about 19 million subscribers.
Teleology said in an emailed statement that the appointment of the board was as a result of the completion of the tenure of the former Board appointed by the Central Bank of Nigeria (CBN) and in fulfillment of the consequential transfer of final ownership to the new investors, Teleology Nigeria Limited.
“We thank all out-going members of the Board for helping to shepherd 9mobile through the critical transition phase it has passed through since July 2017 and wish them the very best in their future assignments.
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.
The new Board of Directors are:
1. Nasiru Ado Bayero (Chairman)
2. Asega Aliga (Non Executive Director)
3. Adrian Wood (Non Executive Director)
4. Mohammed Edewor (Non Executive Director)
5. Winston Ndubueze Udeh (Non Executive Director)
6. Abdulrahman Ado (Executive Director)
7. Stephane Beuvelet (Acting Managing Director)
The new Chairman of the Board, Alhaji Nasiru Ado Bayero welcomes the appointment stating, “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.”
It would be recalled that the CBN in collaboration with the NCC, had in 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. The bid process was superintended by Barclays Africa.
But with the emergence of the Board, the long process for the acquisition of 9mobile has reached a definitive end marking the beginning of a new era for the telecommunication company.”
It would be recalled that Etisalat was taken over by its lenders under the supervision of the Central Bank of Nigeria when it could not continue the repayment its $1.2 billion syndicated loans to a group of local banks and international lenders.