Teleology Holdings’ takeover of Nigeria’s 9mobile suffers set back on court ruling over sales

The Nigerian High Court has stopped the sale of 9mobile following opposition to the deal by some shareholders of the company.

Justice Binta Nyako gave the order stopping the sale, according to reports, while 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 Alhaji Dahiru Mangal, a Katsina businessman.

The order by the court will delay the bid by Teleology, which is the preferred bidder for 9mobile. Teleology paid a USD 50 million non-refundable deposit for 9mobile in March and was given 90 days to pay the balance of USD 450 million.

Afdin Ventures and Dirbia Nigeria, who claimed to be major investors in what used to be Etisalat Nigeria, have complained of being left out of the firm’s decision making and are demanding a refund of their investment in 9mobile to the tune of USD 43.33 million.

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.

Early this month, businessamlive reported that Teleology Holdings, an investment company which last month deposited the sum of $50 million to acquire Nigeria’s 9mobil, has 90 days to pay $450 million to complete the acquisition, telecoms regulator said Wednesday, according to Reuters.