Spectrum Wireless, a shareholder of Emerging Markets Telecommunications Service (EMTS) which owns 9mobile licence, has warned buyers not to acquire the telecommunications company.
The warning is coming two (2) day after a federal high court sitting in Lagos, Southwest Nigeria, nullified an ex parte order which it granted in July 2017 which had given legal backing to the interim board set up by Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) to manage the transition of the telecommunications company following a debt crisis.
The nullification follows dismissal by Justice Ibrahim Buba of the Federal High Court, the Preliminary Objection filed by United Capital Trustees Ltd in response to the application by Spectrum Wireless for a nullification of the Ex Parte Order of the court, which it claimed was obtained by misrepresentation of facts that alienated its interests in the company.
Late 2017, the Nigerian Communications Commission (NCC), the financial and telecommunications services regulators in Nigeria, received bids from about 5 bidders in its intended sale of the company which was to be concluded by December 31, 2017, but recently moved to January 16, 2018.
The shortlist includes Teleology Holdings Limited, promoted by Adrian Wood, the pioneering CEO of MTN Nigeria; Smile Telecoms Holdings, a telco operating in Nigeria, Tanzania, Uganda, Congo DR and South Africa; and Helios Investment Partners LLP, an investment company.
Others are Bharti Airtel, an Indian telco that owns Airtel Nigeria, and Globacom, the Nigerian company owned by Mike Adenuga Jnr.
Reacting to Justice Buba’s ruling, J.A. Achimugu & Co, Solicitor to Spectrum Wireless Communication Limited has now issued “Beware Notice” to buyers, stressing that “any institution or company who transacts business for the purpose of sale or acquisition of EMTS or 9Mobile does so at his or her own risk”.