9Mobile issues press release stating reasons for Adrian Wood’s exit

In a press release issued today, 9Mobile which was recently acquired by Teleology Nigeria has shed more light on the circumstances, that led to the departure of Teleology Holdings ( owned by  Adrian Wood) from the telco.

The company gave the following reasons for his exit.

Absence from key meetings 

The firm accused Wood of being absent from key meetings preceding and post the acqustion

While every partner in the consortium was delivering and meeting their obligations to the partnership in terms of financial resources, physical availability for crucial meetings and extensive network to help build the business, Mr. Adrian Wood’s Teleology Holdings Limited, which only owned a minority stake in Teleology Nigeria Limited, failed severally and wholly to meet theirs. Mr. Wood was not personally present for all the critical presentations made by the consortium during the bid process

Inability to raise  finance

The company also accused the ex MTN CEO of being unable to provide financing from Swiss Bank UBS, as was promised.

Mr. Wood was not personally present for all the critical presentations made by the consortium during the bid process and failed abjectly with his financing arrangements with Swiss-based UBS Bank.

Incompetence

In a final riposte  9Mobile out-rightly accused Adrian Wood of gross incompetence.

It is regrettable that Mr. Wood has allowed the same avarice, rascality, impatience and knavery that characterized his turbulent association with, and inglorious exits from several other companies to manifest again so early in 9mobile.

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Some unconfirmed reports released this week had suggested Wood had exited the consortium due to the refusal of Teleology Nigeria to sign a management service contract with his firm.

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Author: see naija

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