A Federal High Court in Abuja has set aside the sale of telecommunication firm, Etisalat International Nigeria Limited (9mobile) to Teleology Nigeria Limited.
Report said that Justice Binta Nyako, in a ruling, voided all steps taken in relation to the exchange of ownership of Etisalat despite pending orders for maintenance of status quo, restraining parties to a suit, involving investors and other stakeholders in the company, from destroying the res (subject matter).
Justice Nyako, who noted that parties were all aware of the existence of the suit, the defendants having been served between April 24 and 27, 2018 with the originating process, faulted the sale, as claimed by the plaintiffs in a motion filed on November 16, 2018.
According to the report, the ruling, given on April 1, 2019 a copy of which The Nation sighted was in a suit, marked: FHC/ABJ/CS/288/2018 filed on April 6, 2018 by two major investors in Etisalat, Afdin Ventures Limited and Dirbia Nigeria Limited whose investments in Etisalat is estimated at $43,033,950, adding that they had sued to retrieve their investments on the grounds that they were aggrieved, having been excluded from the decision making process of the company.
Reports mentioned that the defendants in the suit are Karington Telecommunication Ltd, Premium Telecommunications Holdings NV, First Bank of Nigeria Plc, Central Bank of Nigeria, Etisalat International Nigeria Ltd and Nigeria Communication Commission (NCC).