Court Nullifies Sale Of 9mobile To Teleology

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

Justice Binta Nyako, in a ruling, voided all steps taken in relation to the exchange of ownership of Etisalat despite pending orders for maintenance of status quo, restraining parties to a suit, involving investors and other stakeholders in the company, from destroying the subject matter.

Justice Nyako, who noted that parties were all aware of the existence of the suit, the defendants having been served between April 24 and 27, 2018, with the originating process, faulted the sale, as claimed by the plaintiffs in a motion filed on November 16, 2018.

The plaintiffs asked the court to void the sale of Etisalat, upon learning that the defendants have proceeded to conclude the transfer of the company’s ownership despite the restraining orders made earlier by the court.

Defendants in the suit are Karington Telecommunication Ltd, Premium Telecommunications Holdings, First Bank of Nigeria Plc, Central Bank of Nigeria, Etisalat International Nigeria Ltd, and Nigeria Communication Commission.