were yesterday voided by a Federal High Court in Abuja which set aside the sale of the telecommunication firm.
Afdin and Dirbia, whose investment in Etisalat is estimated at $43, 033,950, had approached the court to retrieve their investments on the grounds that they were aggrieved, having been excluded from the company’s decision making process. “In 2010, the defendants rebranded Etisalat Nigeria Limited to 9mobile and entered into negotiations with Smile.com and Glo Network to transfer its licence without recourse to the plaintiffs.
“Notwithstanding the aforementioned order, the defendants continued negotiations with Smile.com and Glo Network in defiance to the subsisting order of this court. “Consequently, this honourable court made another order of status quo, directing parties to refrain from tampering with the subject matter of the suit.
Emerging Markets Telecommunication Services Ltd. management yesterday refuted reports that a Federal High Court sitting in Abuja has nullified the sale of EMTS to Teleology Nigeria Limited.Company Secretary/Legal Adviser Ore Olajide said the Federal High Court did not nullify the sale of EMTS, adding that the court had on April 1, 2019 made an order for parties to maintain status quo as at April 25, 2018. As at the said date, 9mobile was not a party to the suit before the court.
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