A Federal High Court sitting in Abuja, will on March 19, 2025, hear a dispute over the ownership and control of Emerging Markets Telecommunication Service (EMTS) which is the holder and operator of 9Mobile Telecommunication licence.
The Plaintiff, Abubakar Isa Funtua, son of the late billionaire businessman, Malam Isa Funtua, had dragged General Theophilus Yakubu Danjuma (Rtd) and his company LH Telecommunication Limited, as well as the other Defendants through court, over the ownership and control of Emerging Markets Telecommunications Limited trading under the name of 9Mobile.
The other Defendants were: Seltrix Limited (sued as the 1st Defendant); the Corporate Affairs Commission; Nigerian Communications Commission (NCC); Hayatu Hassan Hadeija; Teleology Nigerian Limited and one Mohammed Edewor, a Director in Teleology Nigeria Limited.
In his statement of claim, the plaintiff seeks among other reliefs: “A Declaration that he is the beneficial owner of the 43,000,000 (Forty-three Million) ordinary shares held in trust for him by the 1st Defendant (Seltrix Limited) in the capital of the 3rd Defendant (Teleology Nigeria Limited)”.
“A declaration that the acquisition of the 43,000,000 (Forty-three Million) ordinary shares purportedly transferred or surrendered to the 3rd Defendant (Teleology Nigeria Limited) in breach of the 1st Defendant’s (Seltrix Limited) duty as Trustee of the Plaintiff and in contravention of Clause 48 of the Memorandum and Articles of Association of the 1st Defendant (Seltrix Limited) is null, void and of no effect.
“That the purported registration of the transfer by way of surrender/gift of Forty-three Million (43,000,000) ordinary shares held by 1st Defendant (Seltrix Limited) in the capital of the 3rd Defendant (Teleology Nigeria Limited) is unlawful, null and void.
“An Order setting aside the purported registration by the 6th Defendant (Corporate Affairs Commission) of the increase in the share capital and the allotment of the newly created One Billion, Nine Hundred Ten Million (1,910,000,000) ordinary shares of the 5th Defendant (Emerging Markets Telecommunications Services Limited) in contravention of Section 127 of the Companies and Allied Matters Act, 2020.”
The Plaintiff also seeks the sum of N100 billion as general damages from the defendants, jointly and severally, among other reliefs. [THISDAY]
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