Business

Shareholders warn CBN, others over sale of 9mobile

Shareholders warn CBN, others over sale of 9mobile

Some shareholders of 9mobile (formerly Etisalat) have warned against the sale of the telecommunication firm in view of a pending case before the Federal High Court (FHC) in Abuja.

The Central Bank of Nigeria (CBN), the Nigerian Communications Commission (NCC), Etisalat International Nigeria Limited, Karlington Telecommunications Limited, Premium Telecommunications Holdings NV and First Bank of Nigeria Plc. were said to be involved in a negotiation of the planned deal.

The shareholders, which are Afdin Ventures Limited and Dirbia Nigeria Limited, cautioned the parties involved in the legal consequences of proceeding with the transaction in spite of a court order restraining further activities regarding the sale of the firm.

The warning was contained in letters issued on Thursday by the promoter of Afdin and Dirbin, Dahiru Mangal, through their lawyer, Mahmud Magaji (SAN) to the six parties involved in the transaction.

Read also: Nigerian govt disburses interest-free loans to 31,594 microenterprises

The stakeholders said the letters were informed by a recent media report credited to the Chief Executive Officer of 9mobile, Boye Olusanya, to the effect that “9mobile’s board was pleased with the progress made thus far and expects the acquisition process to be concluded as soon as possible.”

Justice Binta Nyako of the FHS Abuja had given an order directing “the maintenance of status quo as at today,” shortly after the suit was filed by Afdin and Dirbia.

In the suit, Afdin and Dirbia, who claimed to be major investors in the troubled telecommunication firm, said they were left out in the firm’s decision making and therefore want a refund of their invested funds estimated at $43,330,950.

“Recall that Hon. Justice Binta Nyako of the Federal High Court No. 4, Abuja made an interim order in suit: FHC/ABJ/CR/288/2018, Afdin Ventures Ltd & 1 other v. Karington Telecommunications Ltd & 6 others, restraining your office andother defendants from selling Etisalat Nigeria Ltd (now 9mobile) pending the outcome of the suit.

“Upon service of the enrolled order on you, your office entered appearance and filed a statement of defence to the suit. Ogunmuyiwa Balogun, Esq made several appearances on behalf of your office in court.

“Unfortunately, despite being aware of the subsisting court order, your office and the other defendants herein went ahead and concluded plans to sell off Etisalat Nigeria Limited (now 9mobile) in fragrant disregard to the subsisting order of court,” the letters read in part.

 

RipplesNigeria… without borders, without fears

Click here to join the Ripples Nigeria WhatsApp group for latest updates.

Join the conversation

Opinions

About the author

Editor

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