Back Off EMTS, 9mobile Spectrum Wireless Warns Buyers
By Perpetua Egesimba
Spectrum Wireless Communication Limited has warned 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.
In a telephone conversation with Journalists in Lagos on Sunday, the Solicitors to Spectrum Wireless, Dr. Reuben Atabo of R. O Atabo and Co. Chambers and J. A. Achimugu and Co. Chambers stated that by virtue of the ruling of Justice Ibrahim Buba of the Federal High Court, Ikoyi, Lagos, on Friday, 12th January, 2018, nullifying and vacating the Ex Parte Order earlier issued on 3rd July 2017 approving the appointment of an Interim Board for Emerging Markets Telecommunications Service (EMTS), that all intending buyers of EMTS or 9Mobile should stay clear off.
According to Dr. Reuben Atabo, $35 million of Spectrum Wireless is on the line.
“We have documents supporting these claims. When we put in money, there was an agreement between Our client, Spectrum Wireless and Etisalat.
” We want our money back. My client has 17.5 per cent share in Etisalat. Apart from Spectrum Wireless, there are about three other investors whom I know that put in money. The total investment was $100 million.”
However, the nullification of the Ex Parte Order 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, a shareholder of EMTS, 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.
Justice Buba in his judgment had struck out the motion setting aside the order.
He said, “The respondent shall reverse all steps taken by it since the order was nullify.”
The Interim Board of EMTS earlier had the support of the Central Bank of Nigeria (CBN) and the Nigerian Communications
Commission (NCC), the financial and telecommunications services regulators in Nigeria, had recently received bids from about five bidders in its intended sale of the company which was to be concluded by 31 December,2017, but recently moved to 16 January, 2018.