- 9mobile Confirms Teleology Holdings’ Withdrawal
The Board of Directors of 9mobile has confirmed the exit of Teleology Holdings Limited and its founder, Mr Adrian Wood, from the telecoms company.
Teleology Holdings is a special purpose vehicle comprising telecoms industry veterans and led by pioneer Chief Executive Officer of MTN Nigeria, Mr Wood.
Sources close to 9mobile had disclosed that Teleology Holdings had become increasingly uncomfortable with actions taken outside of the agreed business plan since 9mobile was formally taken over on November 12, 2018.
Sources said Teleology Holdings had been blocked from concluding a management services contract with the local joint venture, Teleology Nigeria Limited.
The management services contract, they said, would have enabled Teleology Holdings and its team of experts oversee the implementation of the organisation’s elaborate business plan including funding proposals.
Expressing his disappointment, Wood had said, “Fifteen Teleology experts have worked since June 2017 on detailed 9mobile turnaround planning, development strategies and financial restructuring. This included lining up more than $500m fresh direct foreign investment from international institutions. 9mobile is an exciting opportunity to build a revolutionary mobile network that could be the pride of Nigeria, unfortunately, it appears that we will not be able to participate. We now must stand down from further work on the 9mobile project.”
Consequently, Wood was said to have resigned from the boards of Emerging Markets Telecommunication Services (trading as 9mobile) as well as Teleology Nigeria Limited.
However, the Board of Directors of 9mobile, on Thursday, in a statement signed on its behalf by the Director, Regulatory and Corporate Affairs, Oluseyi Osunsedo, confirmed the exit of Wood, saying it was better off without him.
Osunsedo said in the aftermath of the protracted mismanagement of an otherwise healthy company, and eventual default on its loans by the previous owners, 9mobile was acquired by Teleology Nigeria Limited.
He explained that the acquisition followed an internationally competitive and exhaustive bidding process led by Barclays Africa, with the participation of the Central Bank of Nigeria, the Nigeria Communications Commission and 13 Nigerian banks.
He noted that the acquisition process was concluded with the initial deposit of $50m and a further payment of $251m as a settlement to the banks that took over the company.
According to the statement, the payments, as well as further due diligence and technical evaluations, led to the clearance of the sale by the NCC and handover of 9mobile to the new owners.
According to Osunsedo, Teleology Nigeria Limited is a consortium that has several local and foreign investors.
He said while every partner in the consortium was delivering and meeting their obligations to the partnership in terms of financial resources, physical availability for crucial meetings and extensive network to help build the business, Wood’s Teleology Holdings Limited, which only owned a minority stake in Teleology Nigeria Limited, failed severally and wholly to meet its obligations.
He added that Wood was not personally present for all the critical presentations made by the consortium during the bid process and failed abjectly with his financing arrangements with Swiss-based UBS Bank.
The statement read in part, “In all these failings, other partners in the consortium filled the gap and pushed ahead until the sale was completed.
“Since taking over the company and without any assistance from Mr Wood or Teleology Holdings, the board has revived and enhanced relationships with key vendors and core business accounts; improved business relationships with suppliers; enhanced its core network capabilities to deliver network efficiency competitively with other operators.
“With the assistance of leading global consultants, the company is also undertaking a complete review of its operational, regulatory, financial and technical architecture.”
It stated that the company emerged from a period of uncertainty over the past two years to attain an active subscriber base of 16 million, representing a net increase of over one million subscribers in the last six weeks alone.
Alibaba Faces Rare Downgrade as PDD Surpasses It in Market Value
Bolt Expels Over 5,000 Drivers in Kenya to Enhance Safety Measures
Fintech Company, Grey, Unveils New Look to Support its Global Expansion Strategy
Grey, a leading cross-border fintech company, has embarked on a significant global brand rebranding initiative, revealing a fresh logo and website design.
This strategic move aligns with the company’s dynamic plans to expand its footprint in the global market.
The company’s transformation was unveiled on its social media platforms on Monday, November 27, 2023. Grey aims to leverage this fresh identity to reach a broader audience and solidify its international presence. The updated brand assets visually represent Grey’s commitment to innovation, excellence, and global connectivity.
The rebranding initiative follows closely on the heels of Grey celebrating a milestone achievement of surpassing 500,000 users. The company’s rapid growth and expanding user base have spurred this bold step towards rebranding, symbolizing success and underlining its dedication to remaining at the forefront of global fintech innovation. Furthermore, the previous logo was not usable in some foreign markets due to trademark conflicts with another company.
Idee Obong, The CEO and founder of Grey, shared insights into the rationale behind the rebranding, stating, “As we chart our course toward serving a global audience, we recognized the need for trademarks and related processes. We identified similarities with existing marks during this evaluation, prompting a deliberate rebrand. The new logo and website signify our forward trajectory, emphasizing global connectivity and our commitment to creating a more interconnected world. Our focus remains on being people-centric and cultivating a lasting community.”
Grey’s brand evolution is occurring at a crucial juncture for the fintech industry, which is positioned for significant opportunities despite recent economic uncertainties. The fintech sector has faced challenges in the past year; notwithstanding, Grey has rapidly scaled, adeptly responding to the heightened demand for its services.
The company has also established key partnerships across both B2B and B2C sectors across Africa over the past months, solidifying its reputation as a trusted and reliable cross-border payments company.
Femi Aghedo, Co-founder of Grey, emphasized the strategic timing of the brand evolution, stating, “The timing simply felt right to evolve our brand. Our growth and evolution as a business needed to be reflected tangibly. We are dedicated to ongoing innovation, adapting our services to meet the dynamic needs of our customers. Our core mission is to provide seamless and secure cross-border payment solutions, empowering businesses and individuals in the global economy. We eagerly anticipate the future of fintech and the opportunities it presents for us to impact the industry positively.”
Furthermore, customers can expect a more innovative and interconnected user experience when engaging on their platforms. As Grey ventures into this exciting new chapter, the team remains committed to providing cutting-edge and secure cross-border payment solutions, fostering global connectivity, and contributing to the evolving landscape of the fintech industry.
U.S. Crude Production Hits Another Record, Posing Challenges for OPEC
Nigerian Stock Market Loses N259 Billion Amidst Medium-Cap Company Declines
Falcon Corporation Secures N19.41bn Debt Facility for State-of-the-Art LPG Facility in Port Harcourt
Finance4 weeks ago
Black Market Exchange Rate Today 6th November 2023
Business3 weeks ago
Nigeria’s Logistics Sector Holds Untapped N3tn Potential, Says Courier and Logistics Management Institute
Black Market Rate3 weeks ago
Black Market Exchange Rate Today 14th November 2023
News3 weeks ago
Millionaire Powerplay Limited Unveils Unprecedented Odds in American Lotto’s Instant Cashless Payout
News4 weeks ago
N-Power Batch C1 Programme Successfully Concluded, Investigation Ensures Eligible Beneficiaries Receive Payments
Black Market Rate4 weeks ago
Black Market Exchange Rate Today 9th November 2023
Forex3 weeks ago
Black Market Exchange Rate Today 16th November 2023
Forex4 weeks ago
Black Market Exchange Rate Today 10th November 2023