Business

Court dismisses suit challenging sale of 9mobile

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.

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

Join the conversation

Opinions

About the author

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com