Telecom
Teleology Pays $50m, Set to Takeover 9mobile
Teleology has put finishing touches to its acquisition of 9mobile, Nigeria’s 4th telecom services provider, by paying $50m deposit, ahead of the deadline.
Ahead of the March 22 deadline set by the Financial Advisers, Teleology said it has transferred a non-refundable completion deposit of $50 million to the Trustee for the bank syndicate presently holding ownership of 9Mobile, a statement by Teleology said Thursday.
In the last few days, key executives of the organization have been deep in meetings with the Nigerian bank syndicate, the regulatory authorities and advisors.
These meetings have culminated in the signing of the Share Purchase Agreement (SPA) and other contractual documents pertaining to the acquisition, a statement by Teleology said.
But the Nigerian Communications Commission [NCC] has not issued official statement on this new claim of Teleology.
A similar claim was debunked by NCC last month. The regulator said it had yet to announce the telecom operator as the new owner of 9mobile.
But Teleology in the statement Thursday said it has detailed an ambitious plan of action that will guide its rapid overhaul not only of the network but all aspects of the operations.
According to Adrian Wood, Teleology’s Director and pioneer Managing Director of MTN Nigeria, “9mobile is transiting into a new phase that will be defined by optimal value delivery: value to our employees, value to our customers, value to local communities and indeed to all stakeholders.”
He added that the new organization to emerge would be “engineering led and brand driven.” In delivering service, “we will strive to ensure that 9Mobile operations deliver fulfillment to our customers, empowerment to local communities, protection to the vulnerable, and excellent rewards not only to our shareholders but to all stakeholders.
Mr. Wood added that Teleology has set out a 10-point plan that aggregates its mission and how it intends to turn the 9mobile organization around.
It plans to double the 9Mobile network with new 3G/4G specific cell sites as well as a several thousands of kilometers of fiber optic cable across the country. It will drive a special program of rural internet coverage, focusing on 4G with broadband access planned for all of Nigeria’s 774 Local Government Areas.
Youth engagement and employment programs are also planned with all build contractors, distributors and consultants, he said, while investment in broadband internet access technologies which are completely new to Nigeria, are also planned. Very importantly, he added, the 9Mobile network will be optimized for high speed and high capacity data including imaging, video, games, music, IPTV and more.
“Any 3-point plan or 3-dimension idea is naïve and completely missing the scope and complexity of the urgent Nigerian need to be brought into the 21st century broadband era”.
Teleology, he added, envisages an increase of 50% in direct employment in the new 9Mobile. There is also an active plan to introduce within the first year, several million 4G-capable premium quality smartphones, at exceedingly affordable pricing.
“Nigerians should look forward to a new regime of intensely exciting and innovative brand loyalty rewards programs, from the new 9Mobile,” he said.
He disclosed that Teleology had entered into an alliance with Safaricom, the largest network operator in East Africa. 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.
Coming at a period when competition in the Nigerian telecom industry has for some years been limited to price wars between the various GSM companies, clearly, Teleology’s coming will very likely herald a new era of intense competition and quest for market share among Nigeria’s telecom operators.
Teleology is promoted by a group of 12 telecom industry veterans with considerable experience not only in Nigeria and Africa but in the global telecom space as well. The executive management for instance, boasts more than 337+ years of collective frontline operational management experience.
Mr. Wood used the opportunity to express thanks to Barclays Africa, the Financial Advisers to the transaction, the Nigerian bank syndicate, the fulsome backing and support of the NCC and CBN which made 9Mobile’s survival possible, and the loyal 9Mobile management and staff who carried on in the face of skepticism, doubt and negative market sentiment.
Mr. Wood assured that additional details including formal relaunch plans would be unveiled in due course.
Meta has announced its intention to appeal the decision of the Competition and Consumer Protection Tribunal (CCPT), which upheld a $220 million fine imposed by the Federal Competition and Consumer Protection Commission (FCCPC) over its data practices.
The penalty follows a 38-month investigation conducted by the FCCPC, in collaboration with the Nigeria Data Protection Commission (NDPC), which ran from 2021 to December 2023.
The investigation found evidence of unauthorised data sharing, insufficient user consent mechanisms, and discriminatory practices that treated Nigerian consumers differently from those in other regions.
In July 2024, the FCCPC imposed the $220 million fine on Meta and WhatsApp, citing violations of Nigeria’s data protection and consumer rights laws. Additionally, the ruling mandated corrective actions to ensure that Meta’s business practices comply with Nigerian regulations.
In a decision delivered on Friday, April 25, the tribunal upheld the fine, reaffirming the FCCPC’s authority and investigative processes. The tribunal also ordered Meta to pay an additional $35,000 to cover the costs incurred during the investigation.
However, Meta expressed disagreement with the tribunal’s ruling, stating in a statement on Saturday, April 26, that it would urgently seek to appeal the decision and apply for a stay of execution.
“We are urgently applying to stay the order and appeal today’s decision to avoid any impact to users,” WhatsApp said.
The company also contested the tribunal’s findings, claiming that the ruling misrepresented how WhatsApp operates and contained inaccuracies regarding its data practices.
Competition and Consumer Protection Tribunal has upheld a $220 million fine imposed by the Federal Competition and Consumer Protection Commission (FCCPC) on Meta Platforms Inc. and WhatsApp LLC for data privacy violations in Nigeria.
The Tribunal also awarded $35,000 in investigative costs to the country’s Federal Competition and Consumer Protection Commission .
In a statement issued by the FCCPC, the Tribunal delivered its judgment in the appeal filed by Meta Platforms Incorporated (Facebook) and WhatsApp LLC against the Federal Competition and Consumer Protection Commission (FCCPC), affirming the Commission’s authority and ruling in favour of its actions on nearly all contested issues.
According to the statement by the FCCPC, “The Tribunal specifically determined that the Commission adhered to prevailing laws, fulfilled its mandate, and exercised its powers by the 1999 Constitution (as amended).
“It ruled that the multiple actions by WhatsApp and Meta, for which the Commission made findings of violations, were correctly identified, and that the Commission did not err in making those findings.”
The statement revealed that WhatsApp and Meta’s legal team was led by Professor Gbolahan Elias (SAN), while the FCCPC was represented by Babatunde Irukera.
It added that both legal teams presented their final arguments on behalf of their respective clients on January 28, 2025.
“The FCCPC had on July on July 19, 2024, issued a Final Order imposing a $220 million administrative penalty after concluding that the companies engaged in discriminatory and exploitative practices against Nigerian consumers, the investigation started in 2020.
“The case arose from a 38-month joint investigation initiated by the FCCPC and the Nigeria Data Protection Commission (NDPC) into the conduct, privacy practices, and consumer data policies of Meta Platforms and WhatsApp.
“Dissatisfied with the Order last year, Meta and WhatsApp appealed to the Tribunal, challenging both the legal basis and the findings of the Commission,” FCCPC said.
The Tribunal upheld the FCCPC’s authority and investigative procedures in Meta and WhatsApp’s appeal, resolving most of the contested issues in the Commission’s favour.
It confirmed that the FCCPC acted within its constitutional and statutory mandate, particularly regarding fair hearing, data protection, and consumer rights.
While it dismissed the majority of the appellants’ objections, it set aside one specific order (Order 7) for lacking sufficient legal basis.
While expressing satisfaction with the judgment, Tunji Bello, executive vice chairman/CEO, commended the Commission’s legal team for their exceptional diligence and forensic expertise in assembling evidence and presenting their case.
He reaffirmed the FCCPC’s unwavering commitment not only to protecting the rights of Nigerian consumers but also to promoting fair business practices in line with the FCCPA (2018) and the Renewed Hope Agenda of the Nigerian government.
Nigerian Exchange Limited (NGX), has made history with the listing of Legend Internet Service Plc as the first company in its Telecoms sector and the first company to be listed this year.
Legend’s N2 billion ordinary shares, with a par value of 50 kobo each, were listed at N5.64 per share.
Dr Umaru Kwairanga, chairman of NGX Group, who welcomed Legend’s board and management, commended the company for its successful listing on the Exchange
He highlighted that listing signifies an elevated commitment to corporate governance and provides opportunities to leverage the Exchange’s diverse asset classes for capital raising.
He stated, “As we celebrate this listing, with many more in the pipeline, I commend the management of Legend Internet Plc for this remarkable milestone.
“This bold step demonstrates confidence in your business model and growth vision.
It also marks the formal emergence of a broadband service as a distinct sub-sector on our Exchange.
Legend has evolved from a focused digital network provider to a diversified technology player, achieving significant advancements in broadband infrastructure development and data services.
We anticipate continued growth in the future.
“We are still bringing many companies on board the NGX, including Dangote, NNPC and others.
“As Africa’s leading exchange, NGX has consistently championed innovation, transparency and sustainable value creation through our investment in cutting-edge infrastructure and a comprehensive range of product offerings, spanning equities, bonds, ETFs and derivatives
Speaking at the Facts Behind the Listing Ceremony, Dr Ladi Bada, chairman, Legend emphasised that the company, as the first indigenous telecommunications company on NGX, has substantial value to offer the market.
Bada encouraged Nigerians to embrace the broadband industry, recognizing it as the fastest-growing sector globally.
He noted that the company had been instrumental in laying fiber optic cables connecting 250 homes in the Suleja and Abuja environs.
He expressed optimism that the Exchange would serve as a catalyst to replicate such commendable projects across other regions of Nigeria.
“We are here to create an enabling digital infrastructure to achieve the projected one-trillion dollar economy.
“On this special day, Legend Internet takes a bold step forward, not just for itself, but for the broader ecosystem of technology, infrastructure, and enterprise in Nigeria.
“As we begin this exciting new chapter as a publicly listed company, we do so with humility and boldness.
We remain committed to continuous innovation, expanding our reach, and delivering value to shareholders and society
“A listing on the Nigerian Exchange is more than a financial event. It is a signal and a declaration that a business is ready to be held to the highest standards of governance, performance, and public trust,” he said
Providing insights into the company’s development, Ms Aisha Abdulaziz, chief executive officer of Legend Internet Plc, stated that the company had evolved from an internet service provider to a comprehensive digital service provider.
Abdulaziz noted that with broadband penetration in Nigeria being less than one per cent, Legend Internet was strategically positioned to deepen access
She affirmed the company’s commitment to taking Nigeria’s digital economy to the next level
“When we started Legend, we weren’t just building an internet company; we were building a movement
A movement fueled by the belief that every Nigerian deserves access to premium, reliable, and high-speed internet, regardless of their location or occupation
“From late nights in our first office to laying fiber across Abuja, to launching products that made people’s lives easier and faster, our journey has always been about connections
“Connecting people to opportunities, connecting homes to entertainment, connecting Nigeria to the digital future it deserves. Our journey has always been about a better way to live.
“This listing is a symbol of our commitment to transparency, sustainable growth, and the kind of excellence that outlives hype.
“Legend’s primary focus now is on unlocking digital value at the household level,” she said.
Mr Jude Chiemeka, chief executive officer of NGX, congratulated the company for making the strategic decision to list.
Mr Chiemeka noted that Legend’s listing on NGX now brings the total number of listed securities to 322
Also, Mr Temi Popoola, chief executive officer of the Nigerian Exchange Group, encouraged the investing public to support the newly listed company.
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