Court
A businessman, Abubakar Isa has asked a Federal High Court in the Federal Capital Territory, FCT, Abuja, to nullify the acquistion of Emerging Markets Telecommunication Services Ltd, operating under the trade name 9Mobile by LH Telecommunication Ltd in 2024.Isa made the demand in a suit he filed before the court against LH Telecoms, 9Mobile and seven others over alleged mismanagement of his 43 million shares in Teleology Nigeria Ltd, the former majority shareholders of 9Mobile.
Other defendants in the suit marked as FHC/ABJ/CS/1971/2024 are: Seltrix Ltd, Hayatu Hadejia, Mohammed Edewor, Corporate Affairs Commission, CAC, Nigerian Communications Commission, NCC, and General Theophilus Danjuma.
In his statement of claims, Isa averred that sometime in 2018 when Teleology was undergoing restructuring and reorganisation for the acquistion of 9Mobile, he mandated Seltrix as his trustee to acquire 25million shares later increase to 43million ordinary shares in the capital of the telecom firm.
With his 43million acquired shares, Isa averred that Seltrix bacame a majority shareholder in the restructured Teleology while Diama Telecoms Africa held 30million shares, Diama Telecoms Nig, 20million shares, Mohammed Edewor 5million shares and Teleology 2million shares.
The businessman further averred that sometime in 2022, Seltrix acting through its director and majority shareholder, Hadejia purportedly executed a deed of surrender, surrending all its 43million shares to Teleology.
Following the alleged share surrender which he claimed was neither approved by him nor other core investors, Isa averred that Teleology relying on the new shareholding structure which was subsequently registered with CAC, eventually acquired 9Mobile and proceeded replace the representatives of Seltrix from its Board of Directors.
Isa further claimed that Teleology went ahead to further approve a new share structure for 9Mobile with the creation of 1.91billion ordinary shares of one naira each which was later passed on to LH Telecoms as the new majority shareholder.
The plaintiff averred that despite the flurry of objections by other investors including the then chairman of 9Mobile, Alhaji Ado Bayero, over noncompliance with licensing regulations in transferring and changing of ownership, the NCC went ahead to approve the acquistion of 9Mobile by LH Telecoms.
