Teleology Holdings, the preferred bidder for the acquisition of 9mobile, has perfected the purchase with the deposit of the $50m non-refundable cash requirement.
According to an official statement by the organisation, its top officials have been deep in meetings with the Nigerian bank syndicate (that took over 9mobile), the regulatory authorities and advisors. These meetings have culminated in the signing of the Share Purchase Agreement (SPA) and other contractual documents pertaining to the acquisition.
Having completed the acquisition, Teleology has revealed its plans to revamp the telco which has been struggling in recently.
Adrian Wood, Teleology’s Director, who happened to be the pioneer Managing Director of MTN Nigeria, said the plan is to build a new company that is “engineering led and rand driven”.
“9mobile is transiting into a new phase that will be defined by optimal value delivery: value to our employees, value to our customers, value to local communities and indeed to all stakeholders,” he said.
According to him, major plans to actualise these include doubling the 9mobile network with new 3G/4G specific cell sites as well as a several thousands kilometres of fibre optic cables across the country. There are also plans to drive a special programme of rural internet coverage, focusing on 4G with broadband access planned for all of Nigeria’s 774 Local Government Areas.
