The Nigerian Communications Commission (NCC) wants to ensure the telecoms industry in the country is not disrupted following reports Teleology Holdings is pulling out of 9mobile, even though the parties have not approached it for mediation.
Last week news emerged Teleology Holdings (which acquired a 13 per cent stake in Teleology Nigeria, a consortium that invested in 9mobile) may withdraw from the deal, claiming a turnaround plan it had worked on was blocked by management.
This was followed by an explanation from the troubled operator’s board of directors that said Teleology Holdings did not hold up its commitments.
“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, Mr Adrian Wood’s Teleology Holdings, which only owned a minority stake in Teleology Nigeria, failed severally and wholly to meet theirs,” various media reports citing a statement by 9mobile’s regulatory and corporate affairs director Oluseyi Osunsedo said.
Teleology Nigeria also accused Teleology Holding of not paying up the $600 million it owed for its stake, though this figure is higher than the bid of $500 millionthe latter was said to have made.
Now, NCC executive vice chairman Umar Garba Danbatta has said: “We need stability in the telecoms industry and we will do everything possible to protect the interest of both the 9mobile subscribers and its investors and ensure there is no disruption of services”.
He added that NCC is a regulator “that is both customer and investor centric” and has already set up measures to resolve the issue.Subscribe to our daily newsletter Back