Court stops planned sale of Etisalat

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A Federal High Court in Abuja has halted the planned sale of the troubled telecommunication firm, Etisalat (now 9Mobile) following opposition to the move by some aggrieved shareholders.


The shareholders – Afdin Ventures Limited and Dirbia Nigeria Limited – who claimed to be major investors, claimed they were left out in the firm’s decision making and demanded a refund of their invested funds estimated at $43,330,950.

They have filed a suit to that effect before the Federal High Court, Abuja.

The suit marked: FHC/ABJ/CR/288/2018 has Karlington Telecommunications Limited, Premium Telecommunications Holdings NV, First Bank of Nigeria Plc, Central Bank of Nigeria, Etisalat International Nigeria Limited and Nigerian Communication Commission (NCC) as defendants.

On April 17, Justice Binta Nyako, after hearing the plaintiffs’ lawyer, Mahmud Magaji (SAN), moved an ex-parte motion and ruled that “an order is made for the maintenance of status quo as at today.”

Justice Nyako, who said “the defendants ought to be heard,” also ordered the service of processes on them (the defendants), including the 3rd and 5th (First Bank and Etisalat), whose addresses are outside the jurisdiction.

The judge, who also ordered that “the writ be marked as concurrent,” adjourned till May 14 for mention.

The Nations

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