The Federal High Court, Ikoyi has nullified the Ex Parte Order
earlier issued on 3rd July 2017 approving the appointment of an Interim
Board for Emerging Markets Telecommunications Service (EMTS), now
9mobile.
The company is the fourth largest telecommunications service operator in Nigeria.
Document obtained by DAILY POST shows that the order on Friday by
Justice Ibrahim Buba followed the Preliminary Objection filed by United
Capital Trustees Ltd in response to the application by Spectrum
Wireless, a shareholder of EMTS, for a nullification of the Ex Parte
Order.
The development has set off another round of confusion and may affect the January 16 new deadline set by the NCC lat week.
The Interim Board of EMTS backed by the Central Bank of Nigeria (CBN)
and the Nigerian Communications Commission (NCC), recently received
bids from about 5 bidders in its intended sale of the company.
Barclays Africa, the financial adviser handling the sale of 9mobile,
had the initial mandate of December 31, 2017 to conclude the sale.
Barclays Africa had since last year, shortlisted the final five firms
– Teleology Holdings Limited, promoted by Adrian Wood, the pioneer CEO
of MTN Nigeria; Smile Telecoms Holdings, with operations in Nigeria,
Tanzania, Uganda, Congo DR and South Africa; Helios Investment Partners;
Bharti Airtel and Globacom.
Meanwhile, Solicitor to Spectrum Wireless Communication Limited in a
public notice warned that by virtue of the said judgment, Dr. Joseph
Nnanna, Oluseyi Bickersteth, Ken Igbokwe, Funke Ighodaro and Boye
Olusanya as security trustee nominee of the board of Emerging Markets
Telecommunications Service has been nullified and the order appointing
them vacated.
The Solicitors warned that any institution or company who transacts
business for the purpose of sale or acquisition of EMTS or 9Mobile does
so at his or her own risk.
Justice Buba in his judgment said that the motion is struck out
having set aside the order adding that “the respondent shall reverse all
steps taken by it since the order was nullity.”
DailyPost