A federal high court sitting in Ikoyi, Lagos, has dismissed a suit filed by Spectrum Wireless Communications Limited against Emerging Markets Telecommunications Services, EMTS, owners of 9mobile, challenging the sale of the company.
In his ruling on the preliminary objections filed by counsel to EMTS, CJ Aneke, the presiding judge, upheld the defendant’s prayers that there is no direct shareholding relationship between Spectrum Wireless and EMTS.
He also upheld the defendant’s position that there is no privity of contract between EMTS and Spectrum as Spectrum is not a shareholder in EMTS and cannot be said to have been directly affected by the actions of its shareholders – Mubadala Holdings Cyprus Ltd, Myacynth and Etisalat International Nigeria Ltd.
This is a breaking news report. More details will be added soon.