Teleology Beats Deadline, Pays $50m Non-Refundable Deposit For 9Mobile (See Proof Of Payment)

BEVERLY HILLS, March 21, (THEWILL) – Teleology Nigeria Limited, the preferred bidder for 9mobile, formerly Etisalat, has paid the $50m non-refundable completion deposit for the acquisition of the country’s fourth largest network ahead of the March 22, deadline set by the financial advisers, Barclays Africa for the deal.

Teleology, which has Adrian Wood as Chairman is expected to pay the balance of its $500 million bid for 9mobile in the next 90 days, in order to take full possession of the telecoms firm.

THEWILL Wednesday obtained Teleology’s proof of payment for the deposit.

Smile Telecoms Holdings is the reserve bidder for 9mobile.

Teleology has also entered into a partnership with Safaricom, the biggest mobile operator in East Africa, according to Mr. Wood. Safaricom is famous for its global “mpesa” mobile financial services system, which advances financial inclusion and supports the network with the highest operating efficiencies in Africa.

Austyn Ogannah

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