Breaking: 9mobile: Sale of Etisalat nullified by court

A Federal High Court in Abuja has nullified the sale of telecommunication firm, Etisalat International Nigeria Limited (9mobile) to Teleology Nigeria Limited.

Justice Binta Nyako, in a ruling, voided all steps taken in relation to the exchange of ownership of Etisalat.

Afdin and Dirbia, whose investments in Etisalat is estimated at $43,033,950, had sued to retrieve their investments on the grounds that they were aggrieved, having been excluded from the decision making process of the company.

There are however pending orders for maintenance of status quo, restraining parties to a suit, involving investors and other stakeholders in the company, from destroying the res (subject matter).

The judge held:

“Any action that has been taken concerning the rest of this litigation from the 25th day of April, which is earlier in time, should revert to the position, as of the res, to its 25th day of April 2018.”

The ruling was given on April 1st, 2019 reports The Nation. 

Defendants in the suit are Karington Telecommunication Ltd, Premium Telecommunications Holdings NV, First Bank of Nigeria Plc, Central Bank of Nigeria, Etisalat International Nigeria Ltd and Nigeria Communication Commission (NCC).

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