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Teleology finalises takeover of 9mobile, pays $50m deposit
Teleology Holdings Ltd., says it is transferring a non-refundable completion deposit of 50 million dollars to the trustees of the bank syndicate presently holding ownership of 9Mobile.
The company made this known in a statement signed by Mr Adrian Wood, Teleology’s Director and pioneer Managing Director of MTN Nigeria.
Wood said the payment underscored Teleology’s financial capability and readiness to revive the organisation, adding it was set to aggregate a 10-point to turn 9mobile around.
“The Nigerian telecom sector is set to witness a new era of innovation and vibrancy as Teleology puts finishing touches to its acquisition of 9mobile, Nigeria’s 4th telecom services provider.
“In the last few days, key executives of the organisation 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.
“Ahead of the March 22 deadline set by the Financial Advisers, Teleology has also transferred a non-refundable completion deposit of 50 million dollars to the trustees of the bank syndicate presently holding ownership of 9Mobile.
“Equally important, Teleology has detailed an ambitious plan of action that will guide its rapid overhaul not only of the network but all aspects of the operations,” he said.
According to Wood, 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 organisation to emerge would be “engineering- led and brand-driven”.
He said in delivering service, it would strive to ensure that 9Mobile operations delivered fulfillment to the customers, empowerment to local communities, protection to the vulnerable, and excellent rewards not only to the shareholders but to all stakeholders.
Wood said the company planned to double the 9Mobile network with new 3G/4G specific cell sites as well as several thousands of kilometers of fiber optic cable across the country.
He said it would drive a special programme of rural internet coverage, focusing on 4G with broadband access planned for all of Nigeria’s 774 local government areas.
He said youth engagement and employment programmes were also planned with all build contractors, distributors and consultants, while investment in broadband internet access technologies which were completely new to Nigeria was also planned.
“Very importantly, the 9Mobile network will be optimised for high speed and high capacity data including imaging, video, games, music, IPTV and more.
“Any three-point plan or three-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 envisages an increase of 50 per cent indirect 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 programmes, from the new 9Mobile,” he said.
He said that Teleology had entered into an alliance with Safaricom, the largest network operator in East Africa, famous for its global “mpesa” mobile financial services system.
He said the system advances financial inclusion and supports the network with the highest operating efficiencies in Africa.
He said that Teleology’s coming at a period when competition in the Nigerian telecom industry had for some years been limited to price wars between the various GSM companies, clearly, would herald a new era of intense competition and market share.
He said that Teleology was 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.
Wood commended the Barclays Africa, the Financial Advisers to the transaction, the Nigerian bank syndicate, the fulsome backing and support of the Nigeria Communications Commission and CBN which made 9Mobile’s survival possible.
He also commended the loyal 9Mobile management and staff who carried on in the face of scepticism, doubt and negative market sentiment.
He assured that additional details including formal relaunch plans would be unveiled in due course.
Teleology emerged as the new owner of 9mobile ahead of Smile, which had been the only other bidder in the final round of the takeover bid.
At the beginning of submission of bids, over 10 bidders had indicated interest in acquiring the mobile network, only five were shortlisted.
These include Bharti Airtel, Globacom, Helios Investment, Smile Communications and Teleology Holdings Ltd.
The acquisition bid was as a result of the Mubadala Development Company of the United Arab Emirates, 9Mobile (formerly Etisalat) largest shareholder, pulling out its investment out of the country.
The pullout was over a protracted 1.2 billion dollars syndicated loan alleged to have been mismanaged by the former board of the telecommunications firm.
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Badaru on Operational Tour of 82 Division, other Military Installations in Enugu and Imo States
The Honourable Minister of Defence H.E Mohammed Badaru Abubakar CON mni is currently in Enugu on operational tour of 82 Division of Nigerian Army and other military platforms in Enugu.
He was received on arrival by the General officer Commanding 82 Division of the Nigerian Army / Commander JTF SE of operation Udoka Major-General H.T Dada and other senior military officers.
The Minister is expected to meet with South East stakeholders on the way forward.
Details later…
Tinubu has granted full oversight responsibilities to Ministers of State over agencies under them amongst whom are Minister of State for Defence Dr. Bello Matawalle, Water Resources and Sanitation, Minister of State for Agriculture and others will henceforth enjoy full oversight responsibilities over such agencies.
President Bola Tinubu at FEC Meeting has approved that ministers of state be given full powers to supervise the agencies under them, the cable reported.
Until now, files pertaining to departments and agencies under their supervision were sent by their permanent secretaries to the senior ministers.
With the new dispensation, ministers of state can now grant all necessary administrative approvals on the governance process of these agencies and departments.
According to a source in the office of the head of service of the federation, “the president was not pleased with the prevailing governing framework in which ministers of states were just ministers in name”.
This, Tinubu reportedly said, led to the “underutilisation of the expertise and capabilities” of most ministers of state.
“The president believes ministers of state should have the right to make decisions and direct action within their areas of responsibility,” the official added.
According to the Cable report, the source said the idea, first mooted by Hadiza Bala Usman, special adviser to the President on policy coordination and head, central delivery coordination unit got an instant buy-in from the President.
With the new directive, the administration hopes “to unleash” the potential of all the ministers, the source added.
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Enugu: Mbah Approves N80,000 Minimum Wage for State, LG Workers and Primary School Teachers
…It’s unprecedented to earn above minimum wage in Enugu- Labour
… We’ll commence implementation immediately- ALGON
Governor of Enugu State, Dr. Peter Mbah, has approved N80,000 minimum wage for the state’s work force, including local government workers, effective October 2024, noting a direct link between a motivated workforce and his administration’s vision of growing the state’s economy from $4.4bn to $30bn.
The new minimum wage covers all state employees, primary school teachers, and local government workers.
Organised labour has described the wage as unprecedented, as it was the first time that Enugu workers would be earning above the national minimum wage.
Mbah announced the new minimum wage on Thursday after a meeting with the Enugu State Minimum Wage Implementation Committee headed by the Head of Service, Kenneth Ugwu and labour leaders, including the state’s labour leaders.
Mbah said, “Few weeks ago, I inaugurated a committee with the responsibility to oversee the implementation of the New National Minimum Wage in Enugu State. Today, I’m happy to announce a new minimum wage for workers in Enugu State, reflecting our fidelity to their welfare, in regard of which we have been resolutely committed.
“We have approved the sum of N80,000 as the new minimum wage in Enugu State. This underscores our commitment to bequeathing lasting legacies of improved living conditions.
“Our commitment to improved workers’ welfare runs deep, and is rooted in the firm understanding of the inextricable link between an inspired workforce and the audacious economic targets we had set our sights on.
“We clearly understood that reducing poverty to the barest minimum and achieving an unprecedented economic growth target were contingent on the output of the workforce. Therefore, for us, the best way to acknowledge that labour creates wealth is by ensuring that the workforce, which creates the wealth that oils the wheel of government, is sufficiently motivated.
“We have similarly demonstrated our commitment to workers welfare through the consistent payment of the wage awards, a gesture we had pledged to sustain until a new wage structure took effect.”
Speaking, the Chairman of the Enugu State chapter of the Nigeria Labour Congress, NLC, Comrade Fabian Nwigbo, thanked governor Mbah for always prioritising the welfare of workers, describing the new minimum wage as “a great one for Enugu workers.”
“In the past, when minimum wage is announced, it takes up to one or two years for anything to happen; and when it did, we took anything they gave us as we saw it. But today, you have even given us something much higher than national minimum wage.
“But I am not totally surprised because when other governors were paying N12,000 wage award, you were paying us N25,000. When others paid for some months and stopped, you continued paying it until the new minium wage as you promised. So, we have enjoyed wage award for 11 months and today you announced the minimum wage which is the first of its kind since my 32 years in service,” said.
Speaking to Government House correspondents, the Chairman of the Enugu State chapter of the Trade Union Congress, TUC, Comrade Ben Asogwa, said, “We are so happy. The governor did not just announce ₦80,000 minium wage, but said that it cascades down to even local government workers. He said that he does not want disparity in salary implementation in Enugu State anymore because we all go to the same market.
“This is the first time in history we are seeing the implementation of minimum wage above the approved amount by the federal government. Actually, when we entered into the negotiation, we were afraid because we know quite well that we are not among the states that share in dividends of oil money. We know quite well that we are at the back when it comes to federal allocation, but His Excellency actually surprised us.
“One thing we have seen is that he understands the impact of motivation on productivity. The governor has set a pace and we know that any other person coming after him will have the challenge to meet up with the target set by His Excellency, Governor Peter Mbah.”
On his part, Chairman of the Association of Local Government Workers, ALGON, Enugu State, Hon. Okechukwu Edeh, pledged the commitment of council chairmen to implementing the new minimum wage.
“When you motivate workers, they become more productive. What I am promising on behalf of the Enugu ALGON family is that we are going to cascade the new minimum wage to the local government level. Implementation begins immediately,” he said.