Court puts 9mobile sale on hold

The Federal High Court sitting in Abuja has ordered that the planned sale of 9mobile be put on hold as a result of a recent move by some aggrieved shareholders of the company.

Top on the list of the shareholders is Afdin Ventures Limited and Dirbia Nigeria Limited – who claimed to be major investors, complained of being left out in the firm’s decision making process and have demanded for a refund of  $43,330,950 invested in the telco.

A suit marked: FHC/ABJ/CR/288/2018 has 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) as defendants.

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

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

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

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