Teleology Holdings, who initially expressed an interest to buy 9mobile Nigeria, have changed their minds over the planned acquisition.
They had won approval to take over the operations of 9mobile over two months ago as the preferred bidder but have now pulled out of the project.
Teleology Holdings Ltd is currently in the process of exiting its shareholding in the local joint venture, Teleology Nigeria Limited. This will require a name change, a situation that will put the $50 million initial deposit paid for the acquisition of 9mobile by Teleology Holdings, in Jeopardy.
Sources familiar with the matter revealed 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.