The judge upheld the preliminary objection by EMTS, which denied any direct shareholding relationship between it and SWCL, to give the plaintiff the right to challenge 9mobile’s sale.
Why SWCL is challenging the 9mobile sale
SWCL had sued EMTS and 16 others, including United Capital Trustees Limited, the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC), challenging 9mobile’s sale.
The plaintiff had claimed that it acquired indirect holding of 30 percent of the shares of EMTS after a private placement and was allotted 4,041,096 Class A shares of PTHNV, which owns 99 per cent of the shares in MyaCynth.
The plaintiff also claimed that MyaCynth holds 30 per cent of the shares of EMTS BV; that EMTS BV holds 99.9 per cent of the shares of EMTS and that EMTS’ syndicated loan from the second to fourth defendants was granted without the requisite statutory approval of the CBN.
It further claimed that its investments in EMTS will be lost if the 15th to 17th defendants were allowed to effect the sale of EMTS.
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.