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Court Halts Sale Of Etisalat To Teleology

Federal High Court in Abuja has nullified the sale of telecommunication firm, Etisalat International Nigeria Limited (now 9mobile) to Teleology Nigeria Limited.

In a ruling on April 1 but seen on Thursday, Justice Binta Nyako annulled all steps taken in relation to the exchange of ownership of Etisalat despite pending orders for maintenance of status quo.

Some investors in Etisalat had sued to withdraw their investments on the grounds that they were not involved in the negotiation process between Etisalat and Teleology.

The judge said all the parties had been informed of the suit having been served between April 24 and 27, 2018 with the originating process.

“Any action that has been taken concerning the rest of this litigation from the 25th day of April, which is earlier in time, should revert to the position, as of the res, to its 25th day of April 2018,” Nyako said.

Two major investors in Etisalat, Afdin Ventures Limited and Dirbia Nigeria Limited, had filed the suit on April 6, 2018.

The investments of Afdin and Dirbia in Etisalat is estimated at $43,033,950.

Listed as defendants in the suit are Karington Telecommunication Ltd, Premium Telecommunications Holdings NV, First Bank of Nigeria Plc, Central Bank of Nigeria, Etisalat International Nigeria Ltd and Nigeria Communication Commission (NCC).

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