Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

Court suspends sale of 9Mobile

Onome Ohwovoriole by Onome Ohwovoriole
April 18, 2018
in Business News, Company News
What really happened during the 9mobile bid process?
Share on FacebookShare on TwitterShare on Linkedin

Federal High Court in Abuja has suspended the planned sale of 9Mobile. The parties behind the suit, Afdin Ventures Limited and Dirbia Nigeria Limited, claim they were left in the dark concerning the sale process. In addition, they are also requesting for the sum of N1 billion as general damages and a refund of their investment funds totalling $43.3 million.

Justice Binta Nyako, who delivered the judgement also ordered all parties to maintain the status quo. In effect, this halts the sale.

Spectrum wireless, another aggrieved shareholder last year obtained a court order rendering the interim board and any decisions taken by it null and void.

RelatedPosts

Nigeria’s active mobile subscriptions rises to 206 million in half-year 2022

Amidst rising inflation, telcos are rolling out cheaper tariff plans

Spectrum had invested $35 million in a private placement by Emerging Markets Telecommunications Service (EMTS) in 2009, and was yet to get any returns on its investment. EMTS was a shareholder in Etisalat (now known as 9Mobile) and held a 15% stake.

Spectrum also alleged that United Capital had stated the 9Mobile board had 7 members, but investigations at the Corporate Affairs Commission (CAC) revealed that the board comprised 20 members.

News continues after this ad


Prior to this

Teleology holdings had been declared the preferred bidder for the telco, after a bidding process anchored by Barclays Africa. The company has also paid an initial deposit of $50 million as required.  In addition to several postponements of the close of the bidding process, some parties alleged there were a few irregularities, a charge Barclays and parties familiar with the exercise have denied.

9Mobile (then known as Etisalat Nigeria) defaulted on a $1.2 billion loan it had obtained from a consortium of banks led by GT Bank. The default led to parent company Etisalat of the UAE pulling out and the banks threatening to take over the firm.

They were however prevented from doing so by the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC). An interim board was subsequently appointed. Some of the banks have since taken provisions on the loan.

News continues after this ad


Related

Tags: 9MobileAfdin Ventures LimitedTeleology Holdings Limited

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Can Elon Musk buy Manchester United?
    • Darkness: Unions shut down TCN stations across Lagos
    • Google invests over $1.5 billion into Blockchain companies in 10 months

    Follow us on social media:

    Recent News

    Elon Musk’s Tweets: Should one man have all that power?

    Can Elon Musk buy Manchester United?

    August 17, 2022
    Power Generation Jumps Above 4,000mw

    Darkness: Unions shut down TCN stations across Lagos

    August 17, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com