A Nigerian businessman, Abubakar Isa, has approached the Federal High Court in Abuja, seeking to nullify the 2024 acquisition of Emerging Markets Telecommunication Services Ltd (9Mobile) by LH Telecommunication Ltd.
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In his lawsuit, marked FHC/ABJ/CS/1971/2024, Isa accuses the defendants of mismanaging his 43 million shares in Teleology Nigeria Ltd, the former majority shareholder of 9Mobile.
The case names LH Telecoms, 9Mobile, Seltrix Ltd, Hayatu Hadejia, Mohammed Edewor, the Corporate Affairs Commission (CAC), the Nigerian Communications Commission (NCC), and General Theophilus Danjuma as defendants.
Isa claims that in 2018, during the restructuring of Teleology Nigeria Ltd for the acquisition of 9Mobile, he authorized Seltrix Ltd to act as his trustee to acquire 25 million shares, later increased to 43 million shares. This transaction, according to Isa, made Seltrix a majority shareholder in Teleology.
However, Isa alleges that in 2022, Seltrix, represented by its director Hayatu Hadejia, executed a Deed of Surrender, relinquishing 43 million shares to Teleology without his consent or that of other key investors.
He further claims that the Corporate Affairs Commission (CAC) registered this share transfer, allowing Teleology to acquire 9Mobile and restructure its shareholding. This reorganization allegedly resulted in the creation of 1.91 billion ordinary shares, which were subsequently transferred to LH Telecoms, making it the new majority shareholder of 9Mobile.
Isa insists that these actions were carried out despite objections from stakeholders, including the former Chairman of 9Mobile, Alhaji Ado Bayero, and claims that the NCC approved the acquisition in violation of licensing regulations.
Reliefs Sought
The businessman seeks several declarations and orders from the court, including:
- Nullification of the 43 million share transfer to Teleology, citing a breach of trust.
- Rectification of Teleology’s shareholder register to reinstate his ownership of the 43 million shares.
- Reversal of the CAC’s registration of the share transfer.
- Invalidation of the NCC’s approval of the acquisition by LH Telecoms.
- N100 billion in general damages against the defendants.
The case is expected to draw significant attention, given its implications for Nigeria’s telecommunications industry and shareholder rights in corporate governance.
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