The Federal High Court of Abuja has suspended the sale of 9mobile after the cellco’s former shareholders challenged the transaction, reports This Day. Teleology emerged as the preferred bidder for 9mobile in February, beating the only other participant – pan-African LTE operator Smile Telecoms. Led by former chief executive of MTN Nigeria Adrian Wood, Teleology last month paid the USD50 million deposit for 9mobile (known as Etisalat Nigeria until July 2017) and was given 90 days to pay the balance of its USD500 million bid.
According to the report, Afdin Ventures Limited and Dirbia Nigeria Limited, who claim to be former investors in the mobile operator, have challenged the sale, alleging that they were excluded from key decisions at the company and are demanding a USD43.3 million refund of their investment in 9mobile. Justice Nyako has suspended the sale process until the case can be heard in court.