After the long drawn out process surrounding the sale of 9mobile, Teleology Holdings Limited, the preferred bidder in the sale process has been allowed to constitute a new board of directors to run the telecommunications company following the successful completion of the tenure of the former Board appointed by the Central Bank of Nigeria (CBN) and in fulfilment of the consequential transfer of final ownership to the new investors, Teleology Nigeria Limited.
The company in a statement sent to BusinessDay thanked all outgoing members of the board for “helping to shepherd 9mobile through the critical transition phase it has passed through since July 2017.”
“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,” the company stated.
Teleology which had earlier released a 10 point agenda stating plans to turn over the telecommunications company has appointed Nasiru Ado Bayero as the chairman of the new board.
Adrian Wood, Mohammed Edewor, Asega Aliga and Winston Ndubueze Udeh have been appointed non-executive directors while Abdulrahman Ado is an executive director and Stephane Beuvelet is the acting managing director.
Recall that BusinessDay had in May 2018, taken a deeper look into the company’s profile as registered with the Corporate Affairs Commission (CAC) and uncovered Mohammed Edewor was registered director in Teleology.
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BusinessDay findings reveal that the holding company registered Teleology Nigeria Limited under the CAC with the address of 155, Broad Street Marina Lagos, and share capital of N100 million, in December 2017 mainly for the acquisition of 9mobile, Nigeria’s fourth largest telecommunication operator.
The new chairman of the board, Nasiru Ado Bayero welcomed the appointment stating, “as we begin this new epochal phase, we wish to thank all the employees who built this viable business. Our 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.”
The out-going board, chaired by Joseph Nnanna, deputy governor of the Central Bank of Nigeria (CBN), were selected by the CBN in collaboration with the Nigerian Communications Commission (NCC), after 9mobile, formerly operating as Etisalat Nigeria was taken over by the owed banks. The directors were 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.
“With the emergence of the new 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,” a statement signed by Edewor said.
Directors profile:
Nasiru Ado Bayero served as Director of Platform Petroleum Limited and Sahelian Energy & Integrated Services Limited. Bayero has experience 16 Years in various Cadres of the Public and Private Sectors. He served at Continental Merchant Bank from 1988 to 1989, Coastal Corporation (Oil & Gas Company), Houston, Texas, from 1990 to 1991 and Hamlet Investment, Inc. from 1991 to 1992.
He served at Intel (Oilfield) Services Nig. Ltd. Barton Bay Nig. Ltd. and Sophitel Hotel Abuja. He served as District Head of Tarauni & Turakin Kano. Bayero holds B.A. (Hons.) in Mass Communication in 1987 and Certificate in German Language in 1993.
Adrian Wood is the pioneer former CEO of MTN Nigeria. He also held the position as former chief operating officer, MTN group and CEO of Brymedia West Africa Limited. He is the forefront promoter of Teleology.
Asega Aliga is an investment banker, entrepreneur and financial services professional. He is the former CEO of DMA capital group.
Winston Ndubueze Udeh is a practicing lawyer with a private law practice in areas of criminal and family law in Dallas Texas, United States of America.
Abdulrahman Ado is the chairman at Bautek Nigeria limited.
Stephane Beuvelet who is the new acting managing director was formally the CTO at MTN Cote D’ Ivoire (Ivory Coast).
Jumoke Akiyode-Lawanson
