Hopes that the sale of 9mobile, Nigeria’s fourth largest operator, would be concluded soon have become shaky following a court order on Friday.
The federal high court sitting in Lagos nullified an ex parte order it granted in July 2017 which had given legal backing to the interim board set up by Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) to manage the transition of the company formerly known as Etisalat following a debt crisis.
However, by discharging the order, Ibrahim Buba, the judge, now calls to question the legality of the board and the validity of the sale process which is expected to reach a milestone on January 16, 2018 with the submission of bids by five interested buyers.
On July 3, 2017, Spectrum Wireless, a shareholder of Emerging Markets Telecommunications Service (EMTS) — which owns the 9mobile licence — had lost its bid to stop…
Read More…..The Cable News