Crisis rocks 9Mobile as Court sacks Interim Board

The Interim Board for Emerging Markets Telecommunications Services (EMTS) , now 9mobile, the fourth largest telecommunications service operator in Nigeria, has been sacked by The Federal High Court, Ikoyi .

The court presided over by Justice Ibrahim Buba, on Friday  nullified the Ex Parte Order earlier issued on 3rd July 2017 approving the appointment of the Interim Board .

This order follows  the Preliminary Objection filed by United Capital Trustees Ltd in response to the application by Spectrum Wireless, a shareholder of EMTS, for a nullification of the Ex Parte Order.

The development has set off another round of confusion and may affect the January 16 new deadline set by the NCC lat week.

The Interim Board of EMTS backed by the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC), recently received bids from about 5 bidders in its intended sale of the company.

You might also Like:  Battery caused Galaxy Note 7 fire

Barclays Africa, the financial adviser handling the sale of 9mobile, had the initial mandate of December 31, 2017 to conclude the sale.

Barclays Africa had since last year, shortlisted the final five firms – Teleology Holdings Limited, promoted by Adrian Wood, the pioneer CEO of MTN Nigeria; Smile Telecoms Holdings, with operations in Nigeria, Tanzania, Uganda, Congo DR and South Africa; Helios Investment Partners; Bharti Airtel and Globacom.

Meanwhile, Solicitor to Spectrum Wireless Communication Limited in a public notice warned that any institution or company who transacts business for the purpose of sale or acquisition of EMTS or 9Mobile does so at his or her own risk, because by virtue of the said judgment, Dr. Joseph Nnanna, Oluseyi Bickersteth, Ken Igbokwe, Funke Ighodaro and Boye Olusanya as security trustee nominee of the board of Emerging Markets Telecommunications Service has been nullified and the order appointing them vacated.

You might also Like:  Honda seeks Waymo for self-driving expertise

You may also Like

Loading...