All is not well at 9mobile Nigeria as Teleology Holdings has expressed intent to pull out of the Nigerian telco battling with months of financial crises, debts and boardroom tussles.
A Thisday newspaper report says Teleology Holdings has expressed its dissatisfaction over the business relationship with 9mobile Nigeria and will be selling its shares just two months after it received approval to take over the operations of 9mobile as the preferred bidder.
Teleology’s exit in the local joint venture will put the $50 million initial deposit paid for the acquisition of 9mobile by holding company in jeopardy and could incite a relapse of the 9mobile’s problems after its transition from being Etisalat Nigeria.
Thisday’ sources said 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.
Teleology Holdings has been blocked from concluding a management services contract with the local joint venture, Teleology Nigeria Limited, according to the Nigerian news daily.
With Teleology’s possible exit, 9mobile will not be able to benefit from its team of experts expected to have overseen the implementation of the telco’s growth plans.