Federal High Court sitting in Abuja, has stopped planned sales of the troubled telecommunication firm, Etisalat (now 9Mobile), following opposition to the move by some aggrieved shareholders.
The shareholders – Afdin Ventures Limited and Dirbia Nigeria Limited – who claimed to be major investors, complained of being left out in the firm’s decision making and have demanded for a refund of their invested funds estimated at $43,330,950.
The shareholders had, through their counsel, Mahmud Magaji (SAN) approached the court via a motion ex-parte marked, FHC/ABJ/CR/288/2018.
Justice Binta Nyako then gave the order stopping the sale while ruling on an ex parte motion brought by the shareholders.
The order by the court will delay the bid by Teleology, which is the preferred bidder for 9mobile. Teleology paid a $50 million non-refundable deposit for 9mobile in March and was given 90 days to pay the balance of $450 million.
The suit has Karlington Telecommunications, Premium Telecommunications Holdings, First Bank of Nigeria, Central Bank of Nigeria, Etisalat International Nigeria and Nigerian Communications Commission (NCC) as defendants.
The court has ordered that “the writ be marked as concurrent” and adjourned to 14 May for mention.