9mobile, Nigeria’s fourth largest mobile operator, said its subscriber base has added one million subscribers in the last six weeks and this brings its total subscriber base to 16 million, even as it clarified the reasons for the exit of its minority shareholder, Teleology Holdings Limited led by Mr. Adrian Wood.
A statement signed by Oluseyi Osunsedo, director, Regulatory and Corporate Affairs on behalf of 9mobile board of directors sent to LEADERSHIP stated that Teleology Holdings failed severally and wholly to meet their obligations to the partnership in terms of financial resources, physical availability for crucial meetings and extensive network to help build the business.
According to her, Emerging Markets Telecommunication Services Ltd. trading as 9mobile deems it necessary to respond to the myriad of false, misleading, and malicious media reports currently in circulation while remaining resolutely focused on rewarding our loyal customers and attracting new ones with the best telecom services in Nigeria. She stated that Teleology Nigeria Limited is a consortium including several local and foreign investors.
“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. 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,” she explained.
The 9mobile spokesperson said since taking over the company, and without any assistance from Mr. Wood or Teleology Holdings, the board has revived and enhanced relationships with key vendors and core business accounts; improved business relationships with suppliers; enhanced its core network capabilities to deliver network efficiency competitively with other operators.
“With the assistance of leading global consultants, the company is also undertaking a complete review of its operational, regulatory, financial and technical architecture. On these basis, 9mobile has emerged from a period of uncertainty over the past two years to attain an active subscriber base of 16 million, representing a net increase of over 1 million subscribers in the last six weeks alone,” she added.
Osunsedo said the company’s core strategy in the short to medium-term shall be underpinned by cost efficiency, innovative product development, network efficiency and strategic technical partnerships.