9mobile’s Ownership Woes Return: Another Court Battle Looms
The Nigerian telecommunications sector is once again bracing for a legal showdown as a new ownership dispute engulfs 9mobile. The mobile network operator, formerly known as Etisalat Nigeria, finds itself entangled in another court battle, highlighting the complex and often contentious nature of ownership within Africa’s burgeoning tech landscape. The Federal High Court in Abuja is set to rule on several key motions in September, reigniting questions about the company’s ultimate control.
Legal Challenge Pits Shareholders Against Each Other
At the heart of the latest dispute is a claim by businessman Abubakar Ismaila Isa, who alleges that his 43 million shares in 9mobile were transferred without his explicit consent. Isa alleges that Seltrix Limited, a company he entrusted with holding his shares, facilitated an unauthorized transfer. This alleged maneuver purportedly paved the way for LH Telecommunication Limited’s eventual acquisition of the telco. The case, filed under suit number FHC/ABJ/CS/1971/2024, names the Corporate Affairs Commission (CAC) and other relevant bodies. The outcome of the court’s decision on September 24th will be pivotal, with the potential to significantly alter the current ownership structure of 9mobile and potentially impact its future operations within the competitive Nigerian telecoms market. This case once again spotlights the importance of transparent shareholding structures within Africa’s growing tech companies.
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