9mobile Stakeholders In Court To Stop Acquisition Process
With so much deliberation, plans and confirmation by the Nigerian Communications Commission (NCC) over the sale of one of the largest telecommunication service (9 mobile) in Nigeria, the plans came to a halt when Justice Binta Nyako of the Federal High Court, Abuja stopped the sale of 9mobile because stakeholders of the company are not part of the acquisition process. This ruling came after the preferred bidder, Teleology Holdings, made a down payment of $50 million being the 10% non-refundable fee for the acquisition of 9mobile and which comes with a 90-day deadline to complete the payment as confirmed by The Nigerian Communications Commission (NCC). According to Vanguard , Justice Nyako gave the order to stop the sale of the telecommunication firm while ruling on an ex parte motion brought by the aggrieved shareholders of 9mobile that took the matter to court , complaining of being left out in the telecommunications company’s decision-making process. The plaintiffs — Afdin...