9Mobile Sales: Federal High Court Nullifies EMTS Interim Board
In anticipation of the sales of the 9Mobile, the offspring of EMTS formerly trading in Nigeria as Etisalat, Spectrum an interested party in the deal has files an Ex-parte motion alleging that former order approving the appointment of an interim board for the company was frivolously obtained.
Federal High Court, Ikoyi, in a ruling on the Spectrum’s ex-parte delivered of Friday, 12 Jan 2018, 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), the fourth largest telecommunications service operator in Nigeria.
The nullification follows dismissal by Justice Ibrahim Buba of the Federal High Court, 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 of the court, which it claimed was obtained by misrepresentation of facts that alienated its interests in the company.
It will be recalled that the Interim Board of EMTS which has the support of the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC), the financial and telecommunications services regulators in Nigeria, had recently received bids from about 5 bidders in its intended sale of the company which was to be concluded by 31 December, 2017, but recently moved to 16 January, 2018.
Following the controversies surrounding the $1.2 billion loan by a consortium of banks and the pulling out of its international partners and the standing down of its board members in the country, the company had to contend with the appointment of an interim board which plays the role of a management board taking charge of its daily management and operations. Led by Mr. Boye Olusanya as CEO, Etisalat also had to go through a brand overhaul initiative which resulted in its new name 9Mobile.