Adrian Wood’s Teleology Holdings sues Nigeria’s 9mobile

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2012

The 9mobile Board of Directors alleged that the former MTN Nigeria chief was unable to make financial commitments during the process.

Adrian Wood was one of the prominent investors in the Nigeria’s 9mobile deal
Wood says he has sued the board of directors of Nigeria’s 9mobile for allegedly sidelining him from 9mobile operations
9mobile says Adrian Wood is a minority shareholder

Adrian Wood, one of the prominent investors in the Nigeria’s 9mobile deal, has sued the management and board of the company.

In an exclusive chat with Business Insider SSA By Pulse on Thursday, Wood said he has sued the board and management of 9mobile and the matter is pending in a Nigerian court.

“No comments from Teleology for now, upon legal advice.

“There is litigation pending on the matter,” he said when Business Insider asked about his exit and the allegations made by the board of directors.

The 9mobile board alleged that the former MTN Nigeria chief was unable to make financial commitments during the process.
9mobile billboard used to illustrate the story 9mobile billboard used to illustrate the story

9mobile says Adrian Wood failed to fulfill obligations during the deal

Three weeks ago, the board of directors of 9mobile described Adrian Wood as a minority stakeholder. The company also said the former MTN chief failed to meet certain obligations during the deal.

Oluseyi Osunsedo, 9mobile corporate officer, said Wood was not personally present for all the critical presentations made by the consortium during the bid process and failed abjectly 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,” the statement added.

“Mr Wood was not personally present for all the critical presentations made by the consortium during the bid process and failed abjectly 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,” 9mobile alleged.

Teleology was cleared by the Central Bank of Nigeria and the Nigerian Communications Commission 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 telecoms company announced a new board on November 12, 2018, with Prince Nasiru Ado Bayero emerging as its chairman.

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