Teleology Nigeria Limited may not be able to acquire Emerging Markets Telecommunication Services Ltd. (EMTS), which trades as 9mobile.
This comes as an Abuja High Court squashed all the moves taken so far with respect to the the telco’s transfer of ownership.
Justice Binta Nyako, in a recent ruling, voided all steps taken so far in respent to 9Mobile’s exchange of ownership.
“Any action that has been taken concerning the rest of this litigation from the 25th day of April, which is earlier in time, should revert to the position, as of the res, to its 25th day of April 2018.”
The ruling, which was dated Monday, April 1st, 2019, was in a suit marked “FHC/ABJ/CS/288/2018”. The suit was filed on April 6, 2018, by Afdin Ventures Limited and Dirbia Nigeria Limited; the two major investors in 9Mobile.
Investors’ plight
Afdin Ventures Limited and Dirbia Nigeria Limited, who filed the suit, disclosed that 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.
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.
