9mobile appeals nullification of sale – Mobile World Live

9mobile appeals nullification of sale

05 APR 2019

9mobile appealed a decision by a federal high court in Abuja, Nigeria, which said the sale of the operator to Teleology in October 2018 was void, Vanguard reported.

Justice Binta Nyako stated all steps taken regarding the sale after 25 April, 2018 were nullified because they were taken despite the fact that all parties were asked to maintain status quo until a legal dispute involving investors and stakeholders was resolved.

The lawsuit was filed by 9mobile shareholders Afdin Ventures and Dirbia Nigeria, who want a refund of their investment of around $43 million for being excluded from the decision-making process of the sale.

The judge said there was evidence parties were aware of the existence of the suit, but went ahead with the sale anyway.

9mobile legal adviser Ore Olajide hit back, stating the news was “incorrect, misleading, mischievous and a total falsehood,” Vanguard reported.

She explained the court did not nullify the sale but had asked parties to maintain status quo as of April 25, 2018, at which stage she claimed 9mobile was not a party in the suit.

Olajide said the case is not about the sale of 9mobile but the transfer of the licences to the new owner, adding: “9mobile has, however, appealed the order”.

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Saleha Riaz

Saleha joined Mobile World Live in October 2014 as a reporter and works across all e-newsletters - creating content, writing blogs and reports as well as conducting feature interviews...More

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