Nigeria: Airtel to Appeal Verdict Ceding 5 Percent Share to Econet

Mergers, Acquisitions and Financial Results

Bharti Airtel has said it will appeal against a Nigerian High Court ruling which gave Econet Wireless 5 per cent share in Airtel Nigeria. A Federal High Court, last week, awarded Econet Wireless the 5 per cent stake, after a lengthy legal process.

Econet said in a statement earlier Monday that the high court had reinstated the shares and also ordered that the name change from Econet Wireless Nigeria Limited was irregular, and must be reversed forthwith.

Airtel Nigeria said it had filed an appeal against this judgment. 'The company abides by and has full confidence in the law of the land, and believes the Appeal Court will determine the appeal on its merits.'

Airtel added that the judgement would have no impact on the equity holding of other shareholders in Airtel Nigeria.'We wish to assure our customers, employees and business partners that the ruling will in no way affect operations or the company's ability to fulfill obligations to its stakeholders.'