Company led by ex-MTN Nigeria CEO Wood exits 9mobile -sources

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LAGOS, Jan 10 – A company led by Adrian Wood, the former chief executive of South African telecoms giant MTN Group’s Nigeria business, has pulled out of its 9mobile venture, two people familiar with the matter said on Thursday.

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Wood’s departure, two months after the formal takeover of 9mobile in a $301 million deal, comes after disagreements with Nigerian shareholders, the sources said on condition of anonymity.

The consortium comprising Wood and the Nigerian investors was picked in February as preferred bidder for Nigeria’s 9mobile – the country’s fourth-biggest telecoms operator – after a debt default forced 9mobile’s lenders to step in to find new investors.

The takeover of 9mobile comes at a time of increased competition as Nigeria’s biggest operator, MTN, expands its service through partnerships with banks.

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