After months of uncertainty and negotiations, a new owner of Nigeria’s embattled telecoms company, 9mobile, has emerged.

The new owner is Teleology Holdings Limited.

The company has been asked pay a deposit of $50 million, about 15.2 billion naira this month.

Two sources familiar with the deal said only two bidders submitted financial proposals, from which the preferred bidder, Teleology, was selected.

They said Teleology had been told to pay a $50 million deposit in March.

Barclays Africa, appointed by Nigerian banks to try to find new investors for 9mobile, recommended Teleology should be preferred bidder, the sources said, adding that Smile Telecoms was named reserve bidder.

Also Read: We See Little Value In Acquiring 9mobile – Airtel

A deal could take months to complete as it would involve restructuring 9mobile’s debt, the sources said.

When contacted by Reuters, 9mobile declined to comment.

Teleology is a company led by Adrian Wood, a former chief executive of MTN Nigeria, who helped build the Nigerian arm of the South African telecoms group into the largest mobile phone operator in Nigeria, with a 36.1% market share.

Recall that the Nigerian Communication Commission said on Friday last week that it wanted to ensure 9mobile was bought by investors with the know-how to run the company.

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