Connect with us

Business

Court dismisses suit challenging sale of 9mobile

Published

on

Shareholders warn CBN, others over sale of 9mobile

A suit filed by Spectrum Wireless Communications Limited (SWCL) challenging the sales of telecommunications firm, 9mobile has been dismissed by a Federal High Court in Lagos.

The presiding Judge, Justice C.J. Aneke on Wednesday said the plaintiff lacked the locus standi to maintain the action against Emerging Markets Telecommunications Services (EMTS)

The judge upheld the preliminary objection by EMTS, which denied any direct shareholding relationship between it and SWCL, to give the plaintiff the right to challenge 9mobile’s sale.

Read also: Amidst rising debt profile, Federal govt to take another $247.3m loan

SWCL had sued EMTS in a suit that had United Capital Trustees Limited, the Central Bank of Nigeria and the Nigerian Communications Commission as co-defendants.

SWCL claims that it acquired indirect holding of 30 per cent of the shares of EMTS after a private placement and was allotted 4,041,096 Class A shares.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now