9mobile: Confusion as court sacks interim board; investor warns Glo, Airtel, others

19 January 2018

Mergers, Acquisitions and Financial Results

9 Monile 909

The Federal High Court, Ikoyi 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), now 9mobile.

The company is the fourth largest telecommunications service operator in Nigeria.

Document obtained by Daily Post shows that the order on Friday by Justice Ibrahim Buba followed 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.

The development has set off another round of confusion and may affect the January 16 new deadline set by the NCC lat week.

The Interim Board of EMTS backed by the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC), recently received bids from about 5 bidders in its intended sale of the company.

Barclays Africa, the financial adviser handling the sale of 9mobile, had the initial mandate of December 31, 2017 to conclude the sale. Read the full article on Daily Post here.