Court Cancels Sale of 9Mobile, as Investors Demands Billions | Techpaded Blog
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Court Cancels Sale of 9Mobile, as Investors Demands Billions

Late last month, we learnt that Teleology finally aqcuired 9mobile, but it's quite unfortunate that the acqusition saga has taken a new and likely long turn. Now, the Federal High Court in Abuja has stopped the planned sale of Etisalat - which is now called 9Mobile, following a legal action by angered investors of the company.

Court stops planned sale of 9Mobile, as shareholders demand $43.33m refund

The high court called for all parties to maintain status quo, pending hearing and determination of the FHC/ABJ/CR/288/2018 marked suit. The defendants summoned 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).

According to Vanguard NGR, Afdin Ventures Limited and Dirbia Nigeria Limited are the plaintiffs who reported to court on the ground that they were left out in Etisalat's decision making process as major shareholders of the firm. They also demanded for a refund of their invested funds which is said to be around $43,330,950.

The plaintiffs further prayed the court to charge the defendants ₦1billion in general damages in their favour, complaining that the planned sale of Etisalat (now 9mobile) to Smile.Com and Glo Network, without refunding the money with which they bought their shares, is a criminal offence.

In addition, Afdin Ventures Limited and Dirbia Nigeria Limited also urged the court to order the 1st, 2nd, 3rd and 5th defendants to refund to them the total sum of $43,330,950 with which they bought their 4303395 shares at $10 per share.

Furthermore, the General Manager of the 1st plaintiff and a director in the 2nd plaintiff, Sani Ibrahim, said the problem Etisalat had was due to mismanagement of funds.
“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,”-Ibrahim

He added that, owing to the resultant heavy indebtedness, the 1st and 2nd defendants “rebranded Etisalat and changed its name to 9Mobile with a view to selling it off and obtaining money to pay its numerous debts.

The case was later adjourned for mention till May 14.

source: VanguardNGR

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