Reports in Nigerian

According to an insider source, Teleology - a private equity firm, became the preferred bidder after Globacom and Helios Investment Partners LLP failed to submit their financial bid. Also, Bharti Airtel pulled out of the whole process stating that there are 'too many hidden things' in the health of the company.

Smile Communications is said to be the reserved bidder.

The bidding process for a buyer for 9Mobile is co-ordinated by Barclays Bank UK. One of the conditions to get the troubled company is a bank guarantee of $100 million.

Teleology offered to buy 9Mobile for $500 million while Smile is considering $300 million.

About Teleology

Teleology Holdings Limited is a private equity firm run by the pioneer Chief Executive Officer (CEO) of MTN Nigeria, Mr Adrian Wood. According to industry sources, the company was purposely set up by Wood and some influential Nigerian investors to revive the embattled telecom.

Teleology is stated to be currently managing over $11 billion in portfolio investments.

Mr Adrian Wood, the promoter of the company, is an economist. He was trained at Cambridge and Harvard Universities.

Mr Wood is also the CEO of Brymedia West Africa Limited.