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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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