The dust remains unsettled on the proposed sale of 9mobile to Teleology as aNigerian High Court has halted the deal following its opposition by some of the company’s shareholders. This is the latest setback in a deal that recorded several delays and sale extensions.
Justice Binta Nyako issued the order while delivering ruling on an ex-parte motion brought by the shareholders. One of the companies said to be a shareholder in 9mobile and a plaintiff in the suit is owned by Katsina businessman, Alhaji Dahiru Mangal.
The new development means the bid by Teleology will be delayed.
It would be recalled that TechCity reported that 9mobile’s preferred bidder, Teleology paid a non-refundable deposit of $50 million last month and is expected to pay the balance of $450 million within 90 days.
According to Afdin Ventures and Dirbia Nigeria, they were major investors in Etisalat Nigeria but were left out of the firm’s decision making and are demanding a refund of their over $43 million investment in 9mobile.
The suit has Karlington Telecommunications, Premium Telecommunications Holdings, First Bank of Nigeria, Central Bank of Nigeria, Etisalat International Nigeria and Nigerian Communications Commission (NCC) as defendants. The court has ordered that “the writ be marked as concurrent” and adjourned to 14 May for mention.
