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The 9Mobile Board of Directors have made overtures to Mr. Adrian Wood, CEO of Teleology Holdings Limited, to have an out of court settlement over shares and management structure in 9Mobile.
Wood was one of the prominent investors in the Nigeria’s 9Mobile deal but he had sued the board of directors of 9Mobile following allegations that he was sidelined from the telco’s operations.
The board of directors of 9Mobile has insisted that Wood was unable to make financial commitments during the process but said he remains a minority shareholder.
An angry Wood would later tell the media that he has sued the 9Mobile’s board.
But insiders said both parties are exploring an out of court settlement in order not to further distract the telco from reworking its market plans.
Since its crisis broke and a take-over by banks was stave off by the Nigerian Communications Commission and Central Bank of Nigeria, 9mobile has transited through fresh bids into new ownership and management. Wood’s Teleology had been one of the major players in the fresh acquisition of 9Mobile formerly Etisalat Nigeria. But the new board claimed Wood failed to fulfill obligations during the acquisition deal.
Wood has denied this. According to 9Mobile Corporate Officer, Oluseyi Osunsedo, even though Wood was present all through the bid process he failed with his financing arrangements with Swiss-based UBS Bank.
“In all these failings, other partners in the consortium filled the gap and pushed ahead until the sale was completed,” said Osunsedo in an official reaction.
Teleology formally acquired 9Mobile last year after making an initial deposit of $50m and a further payment of $251m as a settlement to the consortium of banks led by Barclays Africa.
The new 9Mobile board was announced on November 12, 2018 and is headed by Prince Nasiru Ado Bayero as chairman.
