₦airaland Forum

Court nullifies sale of Etisalat: 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 rest 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.

Court nullifies sale of Etisalat

The hearing in the substantive suit has been fixed for June 12.

Afdin and Dirbia had filed the substantive suit, marked FHC/ABJ/CS/288/2018, on April 6, 2018.

The defendants in the suit are Karington Telecommunication Ltd, Premium Telecommunications Holdings NV, First Bank of Nigeria Plc, Central Bank of Nigeria, Etisalat International Nigeria Ltd and Nigeria Communications Commission.

The plaintiffs laying claim to an estimated $43,033,950 investment in Etisalat had said that they were aggrieved by what they described as exclusion from the decision-making of Etisalat.

On that basis, they had filed their suit to retrieve their investments in the company.

They stated in an affidavit filed in support of their November 16, 2018 application that they learned that the defendants had proceeded to conclude the transfer of the ownership of the company despite the court restraining orders.

They said following the defendant’s disobedience, they resorted to praying the court to void the sale of Etisalat.

They stated, “In 2009, the plaintiffs/applicants purchased a total of 4,303,391 class “A” shares from the 1st, 2nd and 5th defendants (Karlingtton, Premium Telecommunication, and Etisalat International) at the rate of $43,033,950 only, and were issued with share certificates.

“In 2010, the defendants rebranded Etisalat Nigeria Limited to 9mobile and entered into negotiations with Smile.com and Glo Network to transfer its license without recourse to the plaintiffs.

“When the plaintiffs became aware of the purported transaction, they filed this suit along with two applications namely: motion ex-parte and motion on notice, seeking for an order of injunction to restrain the defendants from going ahead with the transaction.

“When this suit came up for hearing on April 17, 2018, this honorable court ordered parties to maintain status quo pending the determination of the motion on notice.

“Notwithstanding the aforementioned order, the defendants continued negotiations with Smile.com and Glo Network in defiance to the subsisting order of this court.

“When the plaintiffs/applicants discovered that the defendants were bent on selling Etisalat Nigeria Limited “rebranded 9moile” despite the subsisting order of the court, they instructed their Counsel, Mahmud A. Magaii (SAN), to write and caution the defendants of the implications of their actions.

“Upon the receipt of the above letters, the 3rd and 4rd respondents (First Bank and Central Bank), through their counsel, Olaniwun Ajayi, wrote to the applicants, through their counsel on August 24, 2018, and August 31, 2018, denying the existence of the order of status quo made by this honorable court on April 17, 2018, and August 31, 2018.

“When this matter came up on October 10, 2018, counsel to the plaintiff, Okechukwu Edeze, informed the court of the attempts made by the defendants to sell Etisalat Nigeria Limited.

“Consequently, this honorable court made another order of status quo, directing parties to refrain from tampering with the subject matter of the suit.

“Despite the orders of this honorable court made on October 10, 2018, the defendants went ahead and sold Etisalat Nigeria limited, rebranded as 9moible, to Teleology Nigeria Limited with impunity.”

They asked the court to, in the interest of justice, make an order setting aside the sale of Etisalat Nigeria Limited which was rebranded as 9moible to Teleology Nigeria Limited.

In a statement issued by the Company Secretary/ Legal Adviser, 9mobile, Ore Olajide, said that 9mobile was not a party to the suit before the court and the court did not nullify the sale of EMTS.

It said the Federal High Court had on April 1, 2019, made an order for parties to maintain status quo as at April 25, 2018



The company explained that the judgment of Justice Binta Nyako of the Federal High Court was not about the sale of EMTS but rather, the transfer of the license even without locus standi.

The company, therefore, described the news as incorrect, misleading, mischievous and total falsehood.

EMTS (9mobile) said it had, however, appealed the order and also sought an injunction pending appeal at the Court of Appeal.

Olajide said, “The sale of 9mobile to Teleology Nigeria Limited has not been nullified. The court made an order to maintain status quo as at April 25, 2018, when EMTS was not a party to the suit and we have appealed the ruling as well as seeking an injunction pending appeal at the Court of Appeal”.

EMTS assured subscribers and all stakeholders to remain calm as matters were under control as the company’s team of legal counsels would follow through as deemed necessary.

See Content Promoter: https://grandmarketsquare.com/court-nullifies-sale-of-etisalat-telco-says-its-not-true/

harkandey:
can NIGERIA ever make top ten again?

Yes, if this thread can go to front page @ Lalasticlala

The Super Eagles are now ranked third in Africa after moving up four places to 42 in the latest FIFA ranking released on Thursday.

The three-time African champions earned wins against Seychelles and Egypt in the last international window, which pushed them up the ranking.

Senegal’s national team, the Teranga Lions, is Africa’s top team while second-place Tunisia, Morocco (fourth) and DR Congo (fifth), complete the top five slots for Africa. Along with Ghana, they were the only African teams to make the top 50.

The biggest mover in March was Tanzania (131st, up 6) – coached by Nigerian Emmanuel Amuneke – having booked their place at the Africa Cup of Nations after 39 years in the doldrums.

With 150 games played across the globe during the international period, things remained tight at the top of the ranking, as the top three remained unchanged.

This sees Belgium (1st, unchanged) maintain a slender lead – growing it marginally to three points – over 2018 World Cup winners France (2nd, unchanged). Brazil (3rd, unchanged), however, are looking over their shoulders somewhat as England (4th, up 1) leapfrogged World Cup finalists Croatia (5th, down 1).

Uruguay (6th, up 1) are the only other movers within the top 10, whereas a dramatic win for Germany (13th, up 3) saw them overtake defeated opponents The Netherlands (16th, down 2), as well as Sweden (14th, unchanged) and Chile (15th, down 2).

Israel (84th, up enjoyed the biggest jump of all, followed closely by Guatemala (143rd, up 6) and Tanzania.

The Super Eagles are now ranked third in Africa!

Content Promoter: https://grandmarketsquare.com/fifa-ranking-the-super-eagles-are-now-ranked-third-in-africa/

We all never expected this heavy backlash 3rm tiwa

Not around sir

who is the Preacher

I always thought Nwosu was the right man 4 imo state

Lake of fire � burning fire � u don't wanna go there

We all thought � it was a good idea to put the 5556556

noblejoeuc:
just Imagine a life well spent!

https://grandmarketsquare.com/see-the-3-futo-students-found-dead/

Yahoo Yahoo Boys

just Imagine a life well spent!

https://grandmarketsquare.com/see-the-3-futo-students-found-dead/

D video isn't out yet

All I know is dat Nwosu is d right man 4 imo

Lumberfe

Yes

tiwa hardl tolerate this kind of mess

Tiwa Savage Returns After taking a much-deserved break from work and social media following a successful 2018, it seems back for good
Tiwa Savage has returned with a commendable refix to Kizz Daniel’s rather slut-shamey song, “Fvck You”. Just when we were close to forgiving him for the predatory lyrics on “Yeba”, the misogyny once again jumped right out of Kizz Daniel last week when he released his new single, “Fvck You”. On the track, he called out an ex for messing around with his colleagues in the music industry, naming her an olosho. To add salt to injury, other...Read More...

https://grandmarketsquare.com/wp-content/uploads/2019/04/tiwa-savage-1.jpeg

watch videos here

bedfordking:
how have you come to this conclusion

nwosu is a young vibrant governor, he knows politics so much dat upon all the challenges he had he still got to this point imagine he got Apc with him he would hv dusted Emeka ihedioha the PDP governorship candidate

Apart from that, Ethically, Nwosu is better than other Gov. candidates in Imo state

Nogodye:
Uche must be crazy join with Okorocha...They want to turn the state to family affair.God pass them all.

The governorship candidate of the Action Alliance in Imo State, Uche Nwosu, on Tuesday, said the ruling All Progressives Congress made a mistake by denying him its governorship ticket. Nwosu spoke in Owerri, the state capital. He said the outcome of the election had shown that he was more popular than the APC governorship candidate, Hope Uzodinma.

He said he had put aside the injustice allegedly meted out to him by the leadership of the APC when he was a member of the ruling party. He said he was willing to form a coalition with political parties to reclaim his mandate at the tribunal.

The AA governorship candidate claimed that Uzodinma was an agent of the Peoples Democratic Party brought to APC to destabilize the ruling party. He said, “The national leadership of the APC made a mistake by not giving the party’s governorship ticket to me. We warned them against giving the ticket to Hope Uzodinma, but the leadership of the party ignored our warnings.“The outcome of the elections has justified us.

We joined the AA two months to the election and I won the governorship election if not for the manipulations.“We also won eight seats in the state House of Assembly. Action Alliance also won two seats in the House of Representatives.“Now that they have realized their mistake, we are ready to form an alliance with APC to reclaim our mandate.”Nwosu said he filed a petition at the tribunal against the declaration of Emeka Ihedioha as governor-elect because the PDP candidate did not meet the constitutional requirements.

He described Iheodioha’s declaration by the Independent National Electoral Commission as an aberration.“I have petitioned the tribunal and I am sure that the issues raised which bother on the constitution cannot be swept away.“I am certain that I will reclaim my mandate in no distant time,” he said.

Source: https://grandmarketsquare.com/apc-made-a-mistake-by-denying-me-gov-ticket-nwosu/

what a wolrd

come today and tomorrrow

that is not my problem

i dont he can buy arsenal

finally no promises

what a family chartered

Yea, shocking

Great place for africa to do business is Imo state

PERIOD FOR TRUTH

VOME

BOOOD