9mobile’s sale: You lack locus standi, court tells Spectrum wireless

April 19, 2019
96 Views

A Federal High Court sitting in Lagos, says Spectrum Wireless Communications Ltd lacked the locus standi to maintain legal suit against by Emerging Markets Telecommunications Services (EMTS) over the sales of 9mobile.

SWCL had sued EMTS and 16 others, including United Capital Trustees Limited, the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC), challenging 9mobile’s sale.

The plaintiff had claimed that it acquired indirect holding of 30 percent of the shares of EMTS after a private placement and was allotted 4,041,096 Class A shares of PTHNV, which owns 99 per cent of the shares in MyaCynth.

The plaintiff also claimed that MyaCynth holds 30 per cent of the shares of EMTS BV; that EMTS BV holds 99.9 per cent of the shares of EMTS and that EMTS’ syndicated loan from the second to fourth defendants was granted without the requisite statutory approval of the CBN.

It further claimed that its investments in EMTS will be lost if the 15th to 17th defendants were allowed to effect the sale of EMTS.

While dismissing the suit challenging the sales 9mobile by EMTS, Justice C.J. Aneke upheld the preliminary objection by EMTS, which denied any direct shareholding relationship between it and SWCL, to give the plaintiff the right to challenge 9mobile’s sale.

ALSO READ: Onnoghen appeals conviction

Emerging Markets Telecommunication Services Limited (EMTS) – also known as 9mobile – is a Nigerian private limited liability company.

EMTS acquired a Unified Access Service License from the Nigerian Communications Commission (NCC) in 2007. The License enables EMTS to provide Fixed Telephony (wired or wireless), Digital Mobile Services, International Gateway Services and National/Regional Long Distance Services in addition to spectrum assignments in the 900 and 1800 MHz bands.

With a recent name change and rebranding in July 2017, the company launched its new identity – 9mobile, with an unveiling of the new name and logo.

Post Views: 75

You may be interested

#WhereIsDadiyata: Social Media Influencer, @dadiyata, Remains Missing 1 Year After Disappearance
News
1 views
News
1 views

#WhereIsDadiyata: Social Media Influencer, @dadiyata, Remains Missing 1 Year After Disappearance

Webby - August 1, 2020

Exactly a year after he was abducted from his home in Kaduna by unknown assailants, a social media personality, Abubakar…

Apprehension As Senate Probes Fresh Multi-Billion Naira Fraud In NDDC
News
2 views
News
2 views

Apprehension As Senate Probes Fresh Multi-Billion Naira Fraud In NDDC

Webby - August 1, 2020

Senate According to The PUNCH, the Senate said it had received fresh fraud allegations against the management of the Niger…

How Boko Haram Captured, Turned Us To Killing Machines And Camp Attendants – Repentant Terrorist Open Up
News
2 views
News
2 views

How Boko Haram Captured, Turned Us To Killing Machines And Camp Attendants – Repentant Terrorist Open Up

Webby - August 1, 2020

Repentant Boko Haram Thirty-eight-year-old Abdulwahab Usman,  an indigene of Bama in Borno State, said he was forced to join Boko…

Leave a Comment

Your email address will not be published.