The new board of directors is headed by 54-year-old Nasiru Ado Bayero, while Stephane Beuvelet will serve as the acting managing director, according to a statement by Mohammed Edewor, a new non-executive director of the new 9Mobile.
Investment holding company Teleology was set up by 12 telecoms industry veterans led by ex-MTN Nigeria executive Adrian Wood.
The appointment of the new board by Teleology has also brought to an end the tenure of the Central Bank of Nigeria's (CBN) appointed board and the transfer of ownership of the firm to the new investors, Teleology Nigeria Limited.
Other members of the board are: Asega Aliga (Non Executive Director), Adrian Wood (Non Executive Director), Mohammed Edewor (Non Executive Director), Winston Ndubueze Udeh (Non Executive Director) and Abdulrahman Ado (Executive Director)
The CBN in collaboration with the Nigerian Telecommunication Commission (NCC), in July 2017 appointed a Board of Directors chaired by Joseph Nnanna, the Deputy Governor of the Central Bank of Nigeria, to oversee the affairs of the company pending the completion of regulatory due diligence of the bid documents submitted by Teleology and sixteen others for its acquisition.
Teleology was picked as preferred bidder for 9mobile in February, following a bid process arranged by Barclays Africa, after a debt default forced 9mobile’s lenders to step in.
But the sale has taken longer than initially expected with the NCC’s review of Teleology’s financial and technical capacity before signing off the takeover, sources have said.
“The composition of the new board of directors is another significant milestone, and this follows the issuance of final approval ... by NCC,” Teleology said in a statement.
9mobile, formerly called Etisalat Nigeria, was taken over by its lenders last year for failing to keep up with its debt repayments after Etisalat took a loan of $1.2 billion from a consortium of banks in 2013.
Teleology said NCC’s approval marked the end of the acquisition process, adding that its incoming chairman, Nasiru Ado Bayero, would take over from Nnanna, who was appointed after a central bank intervention stopped lenders from placing the telecoms firm into receivership.
9mobile has been losing subscribers. In September, it had 15.36 million users, a 9 percent market share, which was down from 20 million subscribers, or a 14 percent share, earlier in 2017, NCC data showed.
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