9mobile Sale: Confusion As Court Sacks Interim Board; Investor Warns Glo, Airtel

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9mobile Sale: Confusion As Court Sacks Interim Board; Investor Warns Glo, Airtel

Post by Jennifer » Wed Jan 17, 2018 10:13 am

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 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.”
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