Mergers, Acquisitions and Financial Results

The Chairman MTS First Wireless, Lt. General Mohammed Inuwa Wushishi (rtd), and the Chief Executive Officer, Engr. Richmond Aggrey, Senior Vice President, Dr. Osarieme Bazuaye, yesterday, visited the offices of the Economic and Financial Crimes Commission (EFCC), in Lagos, to debunk allegations of fraudulent allocation of shares and misdeeds in importation of telecommunications equipment leveled against the CEO and one of the senior vice presidents, Dr. Osarieme Bazuaye by two current directors, and two former directors of the company.

The visit coincided with a suit filed by Chief Afe Babalola, SAN, at the Federal High Court, challenging the petitioners over the allegations and conduct inimical to the operations of the telecoms operator. The petition by two board members, Lt. Gen. Alani Akinrinade (rtd), Col. Lawan Gwadabe (rtd), and former board members, Chief Obafemi Olopade, Chief Bob Okonyia among others, was triggered off by the decision of the board of directors of the company on Tuesday, January 18, 2005, where it took far-reaching decisions, including dissolution of the Board Management Committee, and approval of the shareholding structure of the company among others.

Shortly after the visit to the EFCC, General Wushishi led the CEO, Engr. Aggrey, Dr. Bazuaye and other senior management team to the IMB Plaza headquarters of the company where the CEO addressed the senior management and expatriate staff, assuring them that the activities of the petitioners will not affect the operations of the company in any way. He said he visited the EFCC to prove a point that mere allegations do not imply the true position in the management of the company, and that defamatory allegations that he is on the run is hereby proved wrong.

The chairman, General Wushishi, asked the staff to be more dedicated to realize the objectives of the stakeholders.

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In the suit filled by Chief Babalola, SAN, on behalf of MTS First Wireless, No FHC/L/CS/7865 filed at the Lagos High Court, MTS First Wireless in a motion on notice, is seeking an order of interlocutory injunction restraining the defendants, by themselves, their servants and agents, privies, officers and any other person, howsoever described, from interfering with or in anyway, taking over or disrupting the business of the plaintiff pending the hearing and determination of the suit.

The suit in which the EFCC and the Inspector-General of Police were joined, is also seeking an order of interlocutory injunction restraining the two agencies from intimidating, harassing or arresting any officer of the company on account of the petition written by the aggrieved stakeholders of the plaintiff, details of which are yet to be made available to the plaintiff or any of its officers, pending the hearing and determination of the case.