Wale Igbintade
Justice Yellin Bogoro of a Federal High Court in Lagos has ordered a telecoms firm, Teleology Nigeria Limited, owners of 9Mobile Network, to pay the sum of N55,776,507,599.00 owed to Keystone Bank Limited.
In an action filed on behalf of Keystone Bank Limited by its counsel, Bode Olanipekun, SAN, Teleology Nigeria Limited was alleged to have failed to service the loan facility which was deployed towards financing its acquisition of strategic assets in Emerging Markets Telecommunication Services Ltd., doing business as 9Mobile Network.
Olanipekun pointed out that despite the bank’s offer of restructuring of the loan facility, Teleology failed to meet up with various conditions precedent, operation conditions, transaction dynamics, as well as other conditions stated in the restructuring letter.
Addressing the court, Olanipekun said “rather than receive payment on the defendant’s debt liabilities, the plaintiff received a presentation…
Source: Thisday Newspaper
