In its judgement, the Federal High Court at Ikoyi, Lagos state, has granted the request of Spectrum Wireless Communications Ltd seeking the cancelation of the current board of directors by interim of 9mobile.
In a statement, Spectrum Wireless Communications’ lawyers warned all institutions or companies engaged in commercial transactions for the sale or acquisition of 9mobile that they did so at their own risk.
Spectrum Wireless lodged an objection to the Court. It denounced the acquisition by other shareholders of 9mobile of the right to form an interim board of directors after the presentation of erroneous facts which alienated its interests from him in the telecom society.
In its ruling, the court effectively nullified all decisions the board has made thus complicating the sale of the telecom company which was expected to enter its final phase today January 16.
The Nigerian Communication Commission (NCC) had last announced that the new owners would be announced by January 16, 2018 which was the announced deadline for submission of financial offers by the five companies still in the running. Then, after study, 9mobile’s interim board was to unveil the winning company before the end of the month.
But none of this is going to happen as the interim board, backed by the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC), has chosen Barclays to accompany it in the sales process.
