The Federal High Court in Abuja has, in an April 1, 2019 ruling, set aside the sale of a major telecommunications firm, Etisalat International Nigeria Limited, now 9mobile, to Teleology Nigeria Limited.
However, the Management of Emerging Markets Telecommunication Services Limited (9mobile) said that the Federal High Court sitting in Abuja had not nullified the sale of EMTS to Teleology Nigeria Limited.
An enrolled order made by Justice Binta Nyako was sighted on Thursday.
The judge held that the steps taken in relation to the exchange of ownership of the company were in violation of subsisting court orders that parties to the pending suit should maintain the status quo.
The court had by the orders restrained parties to the suit, involving investors and other shareholders in the company, from destroying the “res”, the subject matter in dispute in the suit.
The plaintiffs, who are major investors in Etisalat, Afdin Ventures Limited and Dirbia Nigeria Limited, had via a motion filed on November 16, 2018, asked the court to nullify the steps taken by the defendants with respect to the sale of the company, which violated the April 17, 2018 order.
They recalled that orders flouted by the defendants were made by the court the April 17, August 31, and October 10, 2018.
In her ruling, the judge noted that between April 24 and 27, 2018, the defendants had been served with the plaintiffs’ originating process challenging the sale of the company, but in defiance, the defendants went on with the sale.
She, therefore, directed that the status of the company from April 25, 2018, should be restored.
“Any action that has been taken concerning the res of this litigation from the 25th day of April, which is earlier in time, should revert to the position, as of the res, to its 25th day of April 2018,” the judge ruled.
Source: Punch Newspaper
