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.
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.
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