9mobile Appeals Nullification Of Sale


9mobile appealed a decision by a federal high court in Abuja, Nigeria, which said the sale of the operator to Teleology in October 2018 was void


Justice Binta Nyako stated all steps taken regarding the sale after 25 April, 2018 were nullified because they were taken despite the fact that all parties were asked to maintain status quo until a legal dispute involving investors and stakeholders was resolved.


The lawsuit was filed by 9mobile shareholders Afdin Ventures and Dirbia Nigeria, who want a refund of their investment of around $43 million for being excluded from the decision-making process of the sale.


The judge said there was evidence parties were aware of the existence of the suit, but went ahead with the sale anyway.


According to Vanguard, 9mobile legal adviser Ore Olajide said the news was “incorrect, misleading, mischievous and a total falsehood,”


She explained the court did not nullify the sale but had asked parties to maintain status quo as of April 25, 2018, at which stage she claimed 9mobile was not a party in the suit.


Olajide said the case is not about the sale of 9mobile but the transfer of the licences to the new owner, adding: “9mobile has, however, appealed the order”.


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