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Shareholder challenge stalls 9mobile acquisition

Shareholder challenge stalls 9mobile acquisition

A Nigerian federal court has ruled that Teleology Holdings’ acquisition of the beleaguered operator 9mobile must be halted until a shareholder dispute has been settled.

Last month, two shareholders - Afdin Ventures and Dirbia Nigeria – filed an application demanding reimbursement for the $43.3 million that they claim to have invested in 9mobile. The plaintiffs claim that they were not consulted regarding the sale despite their financial involvement, and are calling for the sale to be declared unlawful.

The two firms have also accused Etisalat – former parent company of 9mobile – of mismanaging funds. In response, the Abuja Federal High Court has issued an interim restraining order, with Justice Binta Nyako noting “an order is made for the maintenance of status quo as at Tuesday [17th April]” as “the defendants ought to be heard.”

The case has now been adjourned until 14th May. This legal dispute is another setback for the deal, which could be derailed if Teleology misses its deadline for paying the balance on its bid for the unit.

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