Teleology Holdings, which received approval two months ago to take over the operations of 9mobile as the preferred bidder, has expressed its dissatisfaction over the business relationship and has decided to pull out of the 9mobile project.
Teleology Holdings Ltd is currently seeking to exit its shareholding in the local joint venture, Teleology Nigeria Limited, which will be required to change its name, a situation that will put the $50 million initial deposit paid for the acquisition of 9mobile by Teleology Holdings, in jeopardy.
THISDAY reports that sources close to the 9mobile organisation had become increasingly uncomfortable with actions taken outside of the agreed business plan, since the November 12, 2018 formal take-over of 9mobile.
The sources said 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.