The preferred bidder for 9mobile, Teleology, has confirmed its fulfilment of the $50m non-refundable financial requirement on Wednesday ahead of the March 22 deadline.
It was gathered that the $50m payment was made to the trustee for the bank syndicate presently holding ownership of 9mobile as a sign of Teleology's financial capability and readiness to revive the organisation formerly known as Etisalat Nigeria.
The management of the company is said to have signed the Share Purchase Agreement and other contractual documents after holding several meetings with the consortium of banks to which 9mobile is indebted to, the regulatory authorities and Barclays, a statement issued by Teleology on Thursday stated.
To consolidate the acquisition, it was gathered that Teleology must pay the balance of $500m in the next 90 days.
According to Teleology's Director, Adrian Wood, the new management will overhaul the company's operations to deliver optimal value to employees, customers, local communities and other stakeholders.
Wood, who was the pioneer Managing Director of MTN Nigeria, added that the new organisation to emerge would be "engineering led and brand-driven."
"We will strive to ensure that 9mobile's operations deliver fulfilment to our customers, empowerment to local communities, protection to the vulnerable, and excellent rewards not only to our shareholders, but to all stakeholders," he said.
Wood added that Teleology had set out a 10-point plan that aggregated its mission and how it intended to turn 9mobile around.
It plans to double the network capacity with new 3G/4G specific cell sites as well as a several thousands of kilometres of fibre optic cable across the country, the company stated.
Wood stated, "It will drive a special programme of rural Internet coverage, focusing on 4G with broadband access planned for all of Nigeria's 774 Local Government Areas.
"Youth engagement and employment programmes are also planned with all build contractors, distributors and consultants, while investment in broadband Internet access technologies, which are completely new to Nigeria, are also planned."
He explained that the 9mobile network would be optimised for high speed and high capacity data, including imaging, video, games, music, IPTV and more.
Teleology, he added, envisaged an increase of 50 per cent in direct employment in the new 9mobile and would introduce in the first year millions of 4G-enabled premium quality smartphones at affordable prices.
"Nigerians should look forward to a new regime of intensely exciting and innovative brand loyalty rewards programmes from the new 9mobile," Wood added.
He disclosed that Teleology had entered into an alliance with Safaricom, the largest network operator in East Africa.
Safaricom is famous for its global M-Pesa mobile financial services system, which advances financial inclusion and supports networks with the highest operating efficiencies in Africa.
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