The Federal High Court sitting in Ikoyi, Lagos in a ruling delivered on Friday 12 January 2018, nullified the Ex Parte Order earlier issued on 3rd July 2017 approving the appointment of an Interim Board for Emerging Markets Telecommunications Service (EMTS), the fourth largest telecommunications service operator in Nigeria. The nullification follows dismissal by Justice Ibrahim Buba of the Federal High Court, the Preliminary Objection filed by United Capital Trustees Ltd in response to the application by Spectrum Wireless, a shareholder of EMTS, for a nullification of the Ex Parte Order of the court, which it claimed was obtained by misrepresentation of facts that alienated its interests in the company.Consequently, solicitor to Spectrum Wireless Communication Limited in a public notice warned that by virtue of the said judgment, Dr. Joseph Nnanna, Oluseyi Bickersteth, Ken Igbokwe, Funke Ighodaro and Boye Olusanya as security trustee nominee of the board of Emerging Markets Telecommunications Service has been nullified and the order appointing them vacated.
The Solicitors warned that any institution or company who transacts business for the purpose of sale or acquisition of EMTS or 9Mobile does so at his or her own risk.
Justice Buba in his judgment said that the motion is struck out having set aside the order adding that “the respondent shall reverse all steps taken by it since the order was nullity.”
It would be recalled that the Interim Board of EMTS which has the support of the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC), the financial and telecommunications services regulators in Nigeria, had recently received bids from about five bidders in its intended sale of the company which was to be concluded by 31 December, 2017, but recently moved to 16 January, 2018.