A Federal High Court sitting in Abuja has set aside the sale of the telecommunication company, Etisalat International Nigeria Limited, now known as 9mobile.
The sale, which took place on April 25, 2018, was made to Teleology Nigeria Limited.
Ruling, the presiding judge, Justice Binta Nyako voided all steps taken in relation to the exchange of ownership of Etisalat.
The judge berated the stakeholders for the exchange of ownership despite being aware of pending court orders.
A court had ordered that all parties maintain status quo, restraining parties to a suit involving investors and other stakeholders in the company, from destroying the res (subject matter).
Justice Nyako noted that parties were all aware of the existence of the suit as the defendants were served between April 24 and 27, 2018 with the originating process.
Faulting the sale, Nyako ruled that any action that has been taken concerning the rest of this litigation from the 25th day of April, which is earlier in time, should revert to the position, as of the res, to its 25th day of April 2018.”