Reliable sources have disclosed more facts that poisoned the relationship between Teleology Nigeria Limited, owners of 9Mobile and a former minority interest holder in the company Teleology Holdings headed by Adrian Woods who was eased out Monday night.
It would be recalled that some national dailies reported Monday that 9Mobile management had concluded arrangement to axe Adrian Woods and Teleology with reasons that include non payment of 600Million USD for the 13 percent equity they held in the company as well as engaging in underhand heals with competitors in the telecoms industry.
According to new facts emerging from the now frosty relationship, after the takeover of the company, the new management and board of directors put in place by Teleology Nigeria Limited had moved quickly to pay 50Million USD to Network vendors which include HUAWA, Siemens and Nokia. The payment was made to prove the seriousness of the new management as well as strengthen operations.
The source said that the early payment of 50Million USD to Network vendors and other measures taken by the management quickly triggered excitement and positive reaction from stakeholders and investors who expressed determination and willingness to invest 800Million USD.
“Adrian Woods did not like the progress being recorded by the new management because he had earlier created the impression that Nigerians do not have the capacity to manage the company. So brought in some South African men and wanted to push in Rodney Wayne as the CFO but the board said no, that it has to be Nigerians since the network was not new but a going concern.
“Because the board resisted his attempt to push in his men on the top management positions in order to have absolute grip on the company, he became restless and began to create the impression that the company was in bad shape. It was later discovered that he was the person that spread the fake news about the first family owning huge shares in 9Mobile.
The underbelly aim however, was to pollute the company’s business environment and perception, in order to scare away investors especially those that earlier promised to bring in 800Million USD,” the source said.
Continuing, the source said Adrian Woods did not invest a dime in 9Mobile but went about bragging of his expertise in management.
“He was just another portfolio investor. What Nigeria needs are investors that will bring in their money in order to grow the country’s economy. The era of foreigners coming into the country with fancy-looking briefcases to feed fat on the country’s resources is over.
9Mobile is a growing concern and not a new entity desperate for expertise. Initially the main issue with the Nigeria Communications Commission (NCC) was attracting investors to raise the funds required to pay the network vendors.
“With Teleology successfully raising and paying the 50Million USD to the vendors, any other operator interested in the business will have to come with investment, not theory, not grammar but cash to upgrade operations ; and that is what Adrian Woods and his Teleology failed to bring in,” the source concluded.
“relation caused bad within Emerging developments have combined to confirm surlier stories today that Adrian Woods and his company Teleology were on their way out of 9Mobile, Nigeria’s trending telecoms company.
Many Nigerian newspapers including Daily Times, Vanguard, Journalist-101 have on Monday published different versions of a story that suggested that the management of 9Mobile was about to sack Adrian Woods and his company following allegations of double deal with their fiercest competitors as well as his penchant to rob Nigerians jobs in the organisation while preferring to employ Europeans.
A report by Business Day Monday evening however confirmed that Adrian Woods and Teleology have yielded to pressure to withdraw from 8Mobile which confirms earlier reports.
The source who spoke to us earlier in the made however made further disclosure of why 9Mobile asked Adrian Woods to quit with his company Teleology saying the company have failed to pay the 600 million USD for the 13% minority interest it holds in the business as well as the fact that Woods was replacing Nigerians experts with their European counterparts which the Nigerian company insisted must not happen.
“First of all, let the records be put straight- 9Mobile has not business with Teleology Holdings which is owned by Adrian Woods. 9Mobile is owned by Teleology Nigeria Limited which is a fully registered indigenous company. Teleology Holdings is just a minority interest holder in Teleology Nigeria Limited, 13% equity to be precise.
“But up till now, Teleology Holdings has failed to pay 600Million USD to the parent company Teleology. While Adrian Woods and his company are in such huge default, Woods have displaced almost all Nigerian experts in the company except the CFO. It was for this reason that the management felt time was up for him,” our source said.
“In addition, our source said it was believed in some quarters that Adrian Woods was responsible for the false story peddled recently about ownership of 9Mobile and Keystone bank as a way to arm-twist the Federal Government to wade in and save him and his company from imminent sack from 9Mobile,” the source said.
According to the story published earlier today by some Nigerian newspapers, apart from the disappointment and anger of the new owners over Adrian Woods alleged underhand practices, sources said the on-going Federal Government’s investigations of the ownership of the telecoms company may have added to the woes as his part of the deal is said to be very untidy.
“Adrian Woods is accused of disloyalty and that he was found to be building a camp within a camp,” our source said but did not give full details.
In addition, the new management was said to have waded into the circumstances surrounding circumstances leading to Adrian Woods departure from MTN where was CEO.
“It is unfortunate all these have to happen. Woods is undoubtedly one of the finest commercial and technical minds in the industry. His short comings largely arise from his inability to honour his words and this other weakness that has been known to bring down men of power. A detailed report on the matter will definitely hit the headlines if the infighting continues” said the source.
Our source also alleged that Woods has not been comfortable with the amazing story of the efficiency and high speed with which the current management of 9Mobile is repositioning the telecoms company, as he had always held the wrong notion that Nigerians cannot run a company without him.
“To underscore the speedy transformation taking place, the management has in just about one month of taking over, increased subscriber base by over one million which has been described as unprecedented.
“The management has also cut down to a great extent cost of doing business as well as improved network efficiency to compete effectively with competitors in the Nigerian market. This is in addition to aggressive product development and perhaps most importantly, saving hundreds of Nigerian jobs,” the source concluded.