The sale of Etisalat Nigeria, now known as 9mobile to Teleology Nigeria Limited, has been revoked by an Abuja high court.
“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 judge is quoted as saying by The Nation.
The two major investors — with investments estimated at $43,033,950 — had sued Etisalat to retrieve their investments following their exclusion from the decision-making process of the firm.
The two major investors had said they approached the court to void the sale of Etisalat, upon learning that the defendants have proceeded to conclude the transfer of the company’s ownership despite earlier restraining orders.
They complained that with investments estimated at $43,033,950 they have been excluded from the decision-making process of the firm.
“In 2009, the plaintiffs/applicants purchased a total of 4,303,391 class “A” shares from the 1st, 2nd and 5th defendants (Karlingtton, Premium Telecommunication and Etisalat International) at the rate of $43,033,950 only, and were issued with share certificates,” they said in a supporting affidavit to the motion dated November 16, 2018.
“In 2010, the defendants rebranded Etisalat Nigeria Limited to 9mobile and entered into negotiations with Smile.com and Glo Network to transfer its licence without recourse to the plaintiffs.
“When this suit came up for hearing on the 17th of April, 2018, this honourable court ordered parties to maintain status quo pending the determination of the motion on notice.”
Those listed as defendants in the suit are: Karington Telecommunication Ltd, Premium Telecommunications Holdings NV, First Bank of Nigeria Plc, Central Bank of Nigeria (CBN), Etisalat International Nigeria Ltd and Nigerian Communications Commission (NCC).