9mobile Sale Trouble; Court Sacks Interim Board; Investors Warns Airtel, Glo, And Others

Since the date fixed for the acquisition of 9mobile , there has been some war happening underground. NCC recently reacts and Glo also reacts that media should stop the report about the anointed bidder.

However, the Federal High Court in Lagos at Ikoyi has nullified the Ex Parte order that was earlier issued on 3rd of July 2017 approving the appointment of an “Interim Board” for the fourth largest telecommunications service operator in Nigeria, EMTS (Etisalat), now known as 9mobile.

The Interim Board of EMTS is backed by CBN and NCC, recently received bids from about 5 bidders in its intended sale of 9mobile and Barclays Africa is the financial adviser handling the sale of 9mobile.

Meanwhile, Solicitor to Spectrum Wireless Communication Limited in a public notice warned that by virtue of the said judgment, Funke Ighodaro, Dr. Joseph Nnanna, Oluseyi Bickersteth, Ken Igbokwe and Boye Olusanya as security trustee nominee of the board of Emerging Markets Telecommunications Service (EMTs) has been nullified and the order appointing them vacated.

The Solicitor warns that any company or institution who transacts business for the purpose of sale or acquisition of EMTS or 9mobile does so at his/her risk.

Justice Ibrahim Buba of the Federal High Court in Lagos, in his judgement said the motion is struck out having set aside the order adding that “the respondent shall reverse all steps taken by it since the order was nullity.”

See the Documents that shows the order by Justice Ibrahim Buba followed by the Preliminary Objection filed by United Capital Trustees LTD in response to the application of Spectrum Wireless, a shareholder of EMTS, for a nullification of the Ex Parte Order.

See photos of the document below:

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