$43m debt: Court to hear contempt application over Etisalat sale Feb 27

A Federal High Court in Abuja has warned the Central Bank of Nigeria (CBN) and the Nigeria Communications Commission (NCC) against taking further steps in the sale of telecom firm, Etisalat (9mobile). Justice Binta Nyako, who gave the warning, has fixed February 27 to hear a contempt application filed before the court in October 2018. […]

A Federal High Court in Abuja has warned the Central Bank of Nigeria (CBN) and the Nigeria Communications Commission (NCC) against taking further steps in the sale of telecom firm, Etisalat (9mobile).

Justice Binta Nyako, who gave the warning, has fixed February 27 to hear a contempt application filed before the court in October 2018.

AFDIN Ventures Ltd and Dirbia Nigeria Ltd brought the action against the CBN, NCC, First Bank PLC and Etisalat International Nigeria Ltd (trading under the name and style of 9mobile), Karington Telecommunications Ltd, and Premium Telecommunications Holdings NV.

Aggrieved investors and shareholders through Afdin Ventures and Dirbia Nigeria Ltd had alleged that despite a subsisting warning from the court and the issuance of Form 48 by the court’s registrar, the defendants are taking steps to transfer ownership of the telecom firm.

They exhibited newspaper publications indicating that the defendants have embarked on the process for the sale of the firm in breach of the pending court proceedings.