Court Halt The Sudden Sale Of 9Mobile By Shareholders After They Demanded A $43 Million Refund

The Federal High Court in Abuja has halted the sudden sale of the popular telecommunication giant, 9Mobile, after the shareholders launched a legal action to sell the company.
The aggrieved shareholders tried to sell their stake in the company, after claiming that the defendants – Karlington Telecommunications Ltd, Premium Telecommunications Holdings NV, First Bank of Nigeria Plc, Central Bank of Nigeria, Etisalat International Nigeria Ltd and the Nigerian Communication Commission – left them out of the decision making board of the company.
The shareholders also demanded a refund of their invested funds estimated to be over $43 million. Presiding over the case, Justice Binta Nyako ordered all the parties to maintain their status quo as shareholders of the company, pending a hearing and determination of the suit.
Photo Credit: Getty

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