Justice Ibrahim Buba nullifies EMTS board

 Success Nnaji
Federal High Court in Lagos under the authority of Justice Ibrahim Buba has nullified the appointment of an interim board for Emerging Markets Telecommunications Service (EMTS), owners of 9mobile in Nigeria.
He Give his ruling on recently in an application by a firm, Spectrum Wireless Communication Ltd, which claimed it invested $35 million in EMTS/Etisalat in 2009.
United Capital, the umbrella body of all the 13 banks being owed $1.2 billion by 9mobile, is expected to file an appeal against the court’s verdict,
The ruling may have put the ongoing sale process of 9mobile to preferred bidder or investor in shambles as one of the investors, Spectrum Wireless (SW), has now issued a “buyers beware” notice to potential investors.
Spectrum Wireless is one of the non-bank investors of EMTS when the latter started operations in Nigeria in 2009 and put a $35 million investment in the then Etisalat.


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