Federal High Court in Abuja has stopped the planned sale of the distressed telecommunication firm, 9Mobile, following a legal action taken by angry and aggrieved shareholders of the company.
The court ordered all the parties to maintain status quo, pending hearing and determination of the suit.
This is what happened, Afdin Ventures Limited and Dirbia Nigeria Limited – who claimed to be major investors in Etisalat, told the court that they were left out in the firm’s decision making process, even as they demanded for a refund of their invested funds estimated at $43,330,950.
The defendants involve were Karlington Telecommunications Ltd, Premium Telecommunications Holdings NV, First Bank of Nigeria Plc, Central Bank of Nigeria, Etisalat International Nigeria Ltd and Nigerian Communication Commission (NCC).
Afdin Ventures Limited and Dirbia Nigeria Limited said that the planned sale of Etisalat (now 9mobile) to Smile.Com and Glo Network, without paying them the money with which they bought their shares, is unlawful. And therefore urge the court to award N1billion in general damages against the defendants and in their favour.
According to him, “In 2015, the 1st, 2nd and 5th defendants took several loans from 13 Nigerian banks with a view to expanding and boosting their telecommunication business, but that the money was not properly utilised, leading to heavy indebtedness on the 1st, 2nd and 5th defendants.”
He added that, owing to the resultant heavy indebtedness, the 1st and 2nd defendants “rebranded the 5th defendant (Etisalat) and changed its name to 9Mobile with a view to selling it off and obtaining money to pay its numerous debts.
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This people self
They want their own share of money after the sale of 9mobile
These people should allow 9mobile and Teleology rest na. Dy need some respite
Nigeria my country.. Always controversy in things like this. Please let them resolve this before 9mobile becomes a thing of the past
Na wa oh. This people are just misbehaving oh. See shareholders want there own share. Hmmm
9mobile is definitely in for more trouble than we thought. I just hope none of all these drama will affect we the subscribers
everybody wants to eat out of the cake.
They are are nothing but a joke.
I don’t understand dis 9mobile drama again
Something that shud v been done without noise
9mobile is always in the news. May God see them through
so they couldn’t speak up since it’s now that the sale has almost been finalized. na wa o
As strange as this looks, they are right. Shareholders have to be involved in whatever is happening with the company because they are part owners. Except if they can strike a deal with the new buyer that their shares will still be intact, otherwise they hav to be paid.
Hmm. So They wanted to sale 9mobile without proper meeting and agreement with their shareholders.
Nigeria i hail thee. It’s only in my country we see movies of this magnitude. Let sleeping dog lie, abeg
We are too greedy in this country… Hoping for the best
They want their share of the sale nawa for this country, what are they waiting for before