Court warns against conclusion of 9mobile acquisition

, Magazine

The Central Bank of Nigeria (CBN), Nigerian Communications Commission (NCC) and other corporate bodies involved in the sales of Etisalat (now 9mobile) have been warned against taking further action relating to the acquisition of the telecommunications company.

The order was made by the Federal High Court in Abuja due to claim by some aggrieved investors that in spite of a subsisting order of court made on October 10, 2018, by Justice Binta Nyako, barring parties to the transaction from taking further steps pending the determination of the suit, the CBN, First Bank Plc and others had sold the firm and transferred its ownership.

According to reports, the suit was filed by the aggrieved shareholders, through Afdin Ventures Ltd and Dirbia Nigeria Ltd, against Karington Telecommunications Ltd, Premium Telecommunications Holding NV, First Bank of Nigeria Plc, CBN, Etisalat International Nigeria Ltd (trading under the name and style of 9mobile) and the NCC.