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Teleology to pull out from 9mobile

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Barely two months after it received approval to take over the operations of 9mobile as the preferred bidder, Teleology Holdings is set to pull out of the business, New Telegraph has learnt.

A source close to the company said the decision to quit was prompted by what Teleology described as unsatisfactory business relationship with the local partner.

Based on the current situation, Teleology Holdings Ltd., would be 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.

The source close to 9mobile organisation said Teleology Holdings had become increasingly uncomfortable with actions taken outside of the agreed business plan, since the November 12, 2018 formal take-over of 9mobile.

According to the source, Teleology Holdings has been blocked from concluding a management services contract with the local joint venture, Teleology Nigeria Limited.

New Telegraph, January 8, 2019

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