Nigeria’s telecommunication company, 9mobile, has responded to a Nairametric report that the Federal High Court has barred the transfer of ownership of the network operator to Teleology Nigeria Limited.
9mobile, in a statement released by the Company Secretary/Legal Adviser, Ore Olajide, said the court has not nullified the sale of the company to Teleology Nigeria Limited. 9mobile also said when the initial ruling to maintain status quo was made in April 2018, Emerging Markets Telecommunication Services Ltd (trading as 9Mobile now) wasn’t a party to the suit.
Investors’ plight
About the initial ruling: The suit was filed on April 6, 2018, by Afdin Ventures Limited and Dirbia Nigeria Limited; the two major investors in 9Mobile. Both Afdin and Dirbia said despite being major investors, they were left out of decision making, prompting them to seek a refund of their investment estimated at $43,330,950.
The investors, in a newly filed court documents, alleged that the defendants have not only sold the company despite the existing restraining order, but they have also effected a transfer of ownership to a new set of buyers.
More so, the investors exhibited newspaper publications indicating that the defendants have proceeded with the sale in breach of the pending court order.
The recent Abuja High Court ruling that invalidated all the activities leading to the transfer of ownership is dated Monday, April 1st, 2019. The suit is marked “FHC/ABJ/CS/288/2018”.
In response, 9mobile says the Federal High Court had on April 1, 2019, made an order for parties to maintain status quo as at April 25, 2018, and not nullifying the sale of 9mobile to Teleology Nigeria Limited.
9mobile, however, says it has appealed the 2018 ruling and sought an injunction pending their appeal.
“The sale of 9mobile to Teleology Nigeria Limited has not been nullified. The court made an order to maintain status quo as at April 25, 2018, when EMTS was not a party to the suit and we have appealed the ruling as well as sought an injunction pending appeal at the Court of Appeal”.
The company also urged their subscribers and all stakeholders to remain calm while they resolve the court issue.
About 9mobile
Emerging Markets Telecommunication Services Limited (EMTS) – also known as 9mobile – is a Nigerian private limited liability company.
EMTS acquired a Unified Access Service License from the Nigerian Communications Commission (NCC) in 2007. The License enables EMTS to provide Fixed Telephony (wired or wireless), Digital Mobile Services, International Gateway Services and National/Regional Long Distance Services in addition to spectrum assignments in the 900 and 1800 MHz bands.
With a recent name change and rebranding in July 2017, the company launched its new identity – 9mobile, with an unveiling of the new name and logo.
The new brand identity, according to the telco, reflects the bold and creative attributes which we share with our valued subscribers especially the vibrant youth segment.