An Abuja High Court has stopped the sale of 9mobile following opposition to it by some of its shareholders.
Justice Binta Nyako gave the order stopping the sale while ruling on an ex parte motion by the shareholders.
Afdin Ventures and Dirbia Nigeria, who claimed to be investors in the defunct Etisalat Nigeria, had approached the court on the ground of being left out in the company’s decision making. They are however demanding a refund of $43.33 million invested in the company.
Defendants in the suit are Karlington Telecommunications, Premium Telecommunications Holdings, First Bank of Nigeria, Central Bank of Nigeria, Etisalat International Nigeria and Nigerian Communications Commission, NCC.
ThisDay reports the order of the court will delay the bid by Teleology, the preferred bidder for 9mobile. Teleology was said to have paid $50 million non-refundable deposit to the company last month, and was given three months to pay a balance of $450 million.
The court adjourned the matter until May 14 for mention.