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9mobile conquest Delays following Court Ruling


Strategy to entrust concerned and debt-ridden 9mobile to a new investor have undergo massive delay with the court ruling.

9mobile, in the past Etisalat Nigeria, had been put up for sale as a result of its collapse to pay off the $1.2 billion it took few years ago from a consortium of banks in Nigeria for growth of its operations.

The shareholders, Afdin Ventures Limited and Dirbia Nigeria Limited, claimed they were not carried along by the firm and asked that their investments in 9mobile worth $43.330 million be returned to them before the process can continue.

According to the plaintiffs, they bought shares in Etisalat from Karlington Telecommunications Limited, Premium Telecommunications Holdings NV, and the first and second defendants, through a confidential assignment and should have been carried alongside in the sale of the firm to another investor, advicing the court to stop the use.

Justice Binta Nyako of the Federal High Court in Abuja lined that status quo be maintained. The judge held that the defendants “ought to be heard” and intended that the court order be clear as coexisting, adjourning the matter to May 14.

The issue is with the suit number FHC/ABJ/CR/288/2018 with Karlington Telecommunications Limited, Premium Telecommunications Holdings NV, First Bank of Nigeria Plc, Central Bank of Nigeria (CBN), Etisalat International Nigeria Limited and Nigerian Communication Commission (NCC) as defendants.

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