Stella Dimoko Court Declares Sale Of Etisalat Illegal


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Friday, April 05, 2019

Court Declares Sale Of Etisalat Illegal

The Federal High Court in Abuja has set aside the sale of Etisalat (9mobile) to Teleology Nigeria Limited.

Justice Binta Nyako in a ruling on Thursday, also voided all steps taken on the exchange of ownership of Etisalat, in spite of pending orders for the maintenance of status quo.

Nyako, who held that parties were all aware of the existence of the suit (the defendants having been served between April 24 and 27, 2018 with the originating process), faulted the sale of the company as claimed by the plaintiffs in a motion filed on November 16, 2018.

“Any action that has been taken concerning the subject matter of this litigation from April 25, 2018, which is earlier in time, should revert to the original position,” she said.

Afdin and Dirbia, whose investments in Etisalat were estimated at $43,033,950, had gone to court to retrieve their stakes on the ground that they were aggrieved, having been excluded from the decision making process of the company.

From Daily Post


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