A Federal High Court in Abuja has warned the Central Bank of Nigeria (CBN), the Nigerian Telecommunication Commission (NCC), and others involved in the transaction for the sale of troubled telecom firm, Etisalat (9mobile) against taking further steps to conclude the sale.
The warning was informed by claims by some aggrieved investors that despite a subsisting order of the court, made on October 10, 2018, by Justice Binta Nyako, barring parties to the transaction from taking further steps pending the determination of the suit, the CBN, First Bank, and others have allegedly sold the firm and transferred its ownership.
The aggrieved subscribers, who claimed to be major investors in Etisalat, said they were excluded from the firm’s decision making and therefore want a refund of their investment estimated at $43,330,950.
Afdin and Dirbia, in newly filed court documents, alleged that the defendants have not only sold the company, despite the existing restraining order, they have effected a transfer of ownership to a new set of buyers. They exhibited newspaper publications, indicating that the defendants have allegedly proceeded with the sale in breach of the pending court order.
[…] A Federal High Court in Abuja has warned the Central Bank of Nigeria (CBN), the Nigerian Telecommunication Commission (NCC), and others involved in the transaction for the sale of troubled telecom firm, Etisalat (9mobile) against taking further steps to conclude the sale. Read more […]
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