In an action filed on behalf of Keystone Bank Limited by its counsel, Bode Olanipekun (SAN), Teleology Nigeria Limited was accused of failure to service the loan facility which was deployed towards financing its acquisition of strategic assets in Emerging Markets Telecommunication Services Ltd., doing business as 9Mobile Network.
According to Olanipekun, “Rather than receive payment on the defendant’s debt liabilities, the plaintiff received a presentation from a company called PAC Limited proposing amongst others, a debt sale and/or acquisition by Bankruptcy Remote Special Purpose Vehicle in a proposed transaction structure akin to a conversion of the debt to equity without any immediate downpayment or repayment of the outstanding huge indebtedness of the defendant.”
