The Federal High Court in Abuja has fixed September 24 to rule on several applications in the case of businessman Abubakar Ismaila Isa, who claims that his 43 million shares were allegedly transferred to Emerging Markets Telecommunication Services Limited, operating under the trade name 9mobile, without his consent.
The matter, as argued before Justice Mohammed Umar on Wednesday, was filed by Isa’s legal team led by Femi Atteh, SAN, in suit number FHC/ABJ/CS/1971/2024.
The plaintiff seeks an order declaring him the “beneficial owner of the 43,000,000 (forty-three million) ordinary shares held in trust for him by the 1st Defendant (Seltrix Limited) in the capital of the 3rd Defendant (Teleology Nigeria Limited).”
He accuses Seltrix Limited of purportedly transferring the said shares to 9mobile without his consent, resulting in the alleged illegal change of control of 9mobile to LH Telecommunication Limited by the Corporate Affairs Commission and Nigerian Communications Commission.
Joined as defendants in the suit are Seltrix Limited, Hayatu Hassan Hadeija, Teleology Nigeria Limited, Mohammed Edewor, Emerging Markets Telecommunications Limited, CAC, NCC, LH Telecommunication Limited, and General Theophilus Yakubu Danjuma (Rtd) (first to ninth defendants).
Facts of the Plaintiff’s Claim
As seen in the written address of the plaintiff’s lawyer’s counter-affidavit, Isa argues that he “entrusted the 1st and 2nd Defendants (Seltrix Limited and Hayatu Hassan Hadeija) with 43,000,000 shares held by Seltrix in the capital of the 3rd Defendant (Teleology Nigeria Limited), who, at all times material to this suit, is the majority and controlling shareholder of the 5th Defendant with eighty-nine point nine percent (89.9%) shares.”
According to court documents, Teleology Nigeria Limited entered into a Term Facility Loan Agreement with the African Export-Import Bank (AFREXIM) and secured a loan for the acquisition of controlling shares in 9mobile.
The plaintiff alleges that Teleology secured the loan by “encumbering the shares it acquired in the capital of the 5th Defendant (9mobile).”
Atteh argued that without the consent and authority of the trustor (the plaintiff), Seltrix allegedly “purportedly gifted and transferred to the 5th Defendant the 43,000,000 shares it held in trust for the plaintiff.”
“Consequently, and without complying with the due process of law and/or without any legal justification, the 6th and 7th Defendants (CAC and NCC) approved the registration and change of control of the 5th Defendant (9mobile) from the 3rd Defendant (Teleology) to the 8th Defendant (LH Telecommunication Limited).”
The plaintiff, by his case, is challenging the “purported gift of his 43,000,000 shares held in trust by Seltrix in the capital of Teleology; the purported change in the ownership and control of 9mobile; and the actions of all the defendants in this regard.”
What Transpired in Court
At the resumed hearing, counsel for Teleology, 9mobile, and others, Michael Aôndoakaa, SAN, drew the court’s attention to his preliminary objections.
He maintained that the case should be struck out for “being statute-barred” (that is, filed out of the stipulated time required) and as an abuse of court process.
- He also said that the plaintiff is advised to “file a civil suit to recover whatever you gave to your trustee” and not join other parties to the case.
- Responding, Atteh urged the court to uphold his counter-affidavit and dismiss the preliminary objection.
- The senior lawyer highlighted that “trust” is a matter to be determined during trial and that his contention is that the relevant parties have not acted according to the law and cannot be “shielded” by the laws cited by Aôndoakaa.
- He urged the court to order that the matter be heard so that the issues surrounding his claims can be resolved by the court.
After hearing from the lawyers, the judge adjourned the matter to September 24, 2025, for ruling.
What to Know
This case highlights the latest dispute surrounding the shares and control of 9mobile.
Nairametrics previously reported that Emerging Markets Telecommunication Services Limited, operating under the trade name 9mobile, was reportedly acquired by LH Telecommunication Limited, according to a statement issued on July 28, 2024, by the company.
The acquisition of 9mobile by LH Telecoms marked the second time the company, which launched as Etisalat, was acquired.
Following its loan default to banks under its previous owners, 9mobile was reportedly acquired by Teleology Nigeria Limited in 2018 after a bidding process led by Barclays Africa, with the participation of the Central Bank of Nigeria (CBN), Nigeria Communications Commission (NCC), and 13 Nigerian banks including GT Bank, Zenith Bank, Access Bank, and others.
The acquisition process was concluded with an initial deposit of $50 million and a further payment of $251 million as settlement to the banks that took over the company at the time.
