Legal Battle Over 9Mobile Ownership Intensifies as Keystone Bank Challenges Shareholding Changes, Alleging Violations of Court Orders
ABUJA – The legal battle over the ownership and control of Emerging Markets Telecommunication Service (EMTS), operator of 9Mobile, has taken a new turn as the Federal High Court in Abuja resumed hearing on the case.
Keystone Bank has filed a motion seeking to be joined as a party to the suit, presenting a proposed statement of defence and counter-claim that raises key issues for trial. The bank is challenging a resolution passed on December 7, 2023, which increased the share capital of the 6th defendant from ₦90 million to ₦2 billion, while reducing the 3rd defendant’s stake to approximately 4.5% a move it claims is null and void.
The plaintiff, Abubakar Funtua, initiated the lawsuit against General Theophilus Danjuma (retd.) and his company, LH Telecommunication Limited, among other defendants, over the ownership of EMTS, which operates as 9Mobile. Other defendants include Seltrix Limited, the Corporate Affairs Commission (CAC), Nigerian Communications Commission (NCC), Hayatu Hassan Hadeija, Teleology Nigerian Limited, and Mohammed Edewor, a Director in Teleology Nigeria Limited.
Keystone Bank argues that a resolution passed on May 9, 2023, approving a change in control of the 5th defendant violated existing facility agreements and a previous court order issued on February 20, 2023. The bank maintains that these actions were illegal, null, and void, and intends to seek judicial relief affirming that certain parties have no rightful shareholding in the 6th defendant.
As the case progresses under suit No. /ABJ/CS/1971/2024, the court is set to address the bank’s allegations and counter-claims, further complicating the already contentious battle for control of 9Mobile.
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