Menu

Following the transfer of ownership of 9mobile, Nigeria's fourth-largest telecoms company, to the new investor, Teleology Nigeria Limited, the company has constituted a new Board of Directors, headed by 54-year-old Nasiru Ado Bayero. According to a statement released on Monday, the new board was composed upon the expiration of the tenure of the former board appointed by the Central Bank of Nigeria (CBN).

In July 2017, the CBN, in collaboration with the Nigerian Communications Commission (NCC), appointed a Board of Directors led by Joseph Nnanna, CBN’s Deputy Governor in charge of Economic Policy, pending the completion of due diligence of the bid documents submitted by Teleology Holdings and 16 other bidders. The bid process for 9mobile, formerly owned by Abu Dhabi-based Etisalat Group, was supervised by Barclays Africa.

“The composition of the new Board of Directors follows the issuance of final approval of no objection by the Board of the Nigerian Communications Commission (NCC) to the effect that the technical and financial bids Teleology submitted for 9mobile met and satisfied all the regulatory requirements,” said Mohammed Edewor, a spokesperson for Teleology and a new non-executive director of the company.

Following unsuccessful attempts by Etisalat to agree a debt restructuring deal with leading Nigerian banks who had lent $1.2 billion to its erstwhile Nigerian unit, Etisalat exited the country in July 2017. While seeking a new investor, Teleology emerged the preferred bidder with a $301 million bid in February 2018. The company is a private equity firm led by Adrian Wood, former MTN Nigeria boss.

The new chairman of 9mobile is a member of the royal family in Kano. According to News Agency of Nigeria, Bayero is the Chairman of Enclo Limited, a Nigerian company that provides currency operation services to the CBN. A graduate of mass communication from University of Maiduguri, Bayero is also a director at Platform Petroleum Limited, Sahelian Energy & Integrated Services Limited, Seplat and Intels.

Other Non-Executive Directors newly appointed at 9mobile are Winston Ndubueze Udeh, Adrian Wood, Mohammed Edewor and Asega Aliga. Stephane Beuvelet will serve as the acting managing director, according to Edewor.