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Court Dismisses Suit On Sale Of 9mobile

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A Federal High Court sitting in Ikoyi, Lagos on Wednesday dismissed a suit filed by Spectrum Wireless Communications Limited against Emerging Markets Telecommunications Services (EMTS), owners of 9mobile, challenging the sale of the company.

The Court Presided over by Justice CJ Aneke in a ruling on the preliminary objections file by counsel to EMTSupheld the Defendant’s prayers in Suit No. FHC/L/CS/153/2018 that there is no direct shareholding relationship between Spectrum Wireless and EMTS, thereby vesting on Spectrum the right to sue EMTS to protect its alleged shareholding in EMTS.

The court also upheld the Defendant’s position that there isno privity of contract between EMTS and Spectrum asSpectrum is not a shareholder in EMTS and cannot be said to have been directly affected by the actions of its shareholders – Mubadala Holdings Cyprus Ltd, Myacynth and Etisalat International Nigeria Ltd.

The Court further upheld the Defendant’s position that if at all Spectrum has a right of action, its action should be against PTHNV, the company it originally invested in and not EMTS. The Court therefore upheld the submission of counsel to EMTS that not being a shareholder of EMTS, Spectrum lacks the locus standi to bring the suit against EMTS on the basis of any decision taken by the shareholders of EMTS.

The Court therefore upheld the Defendant’s prayers saying that Spectrum lacks the locus standito sue, adding that the concept of “indirect shareholding/economic interest” claimed by Spectrum is unknown to Nigerian law, which only recognizes members of a company as those named in its Register of Members.

Justice Aneke also held that Spectrum is not a party to the credit facilities which it claims were unlawfully obtained; and it is elementary law that only parties to a contract can make judicial claims in respect thereof.The Court therefore dismissed the suit in its entirety.

It would be recalled that Spectrum Wireless Communications had sued EMTS and 16 other defendants including United Capital Trustees Limited (‘the Lenders’), the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) over the sale of the telco.

The company had claimed that it acquired indirect holding of 30% of the shares of EMTS after a private placement and was allotted 4,041,096 Class A shares of Premium Telecommunications Holdings NV (“PTHNV”), which owns 99% of the shares in MyaCynthCoperative UA (“MyaCynth”).

The Plaintiff also claimed that MyaCynth holds 30% of the shares of EMTS BV; and EMTS BV holds 99.9% of the shares of EMTS) and that EMTS’ syndicated loan from the 2nd to 4th Defendants was granted without the requisite statutory approval of the CBN, and can, therefore, not be enforced through the sale of EMTS’ shares and assets by the 2nd to the 14th Defendants.

Spectrum also claimed that its investments in EMTS will be lost if the 15th to 17th Defendants are allowed to effect the sale of EMTS.

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BREAKING: Remains Of Late President Buhari Arrives In Katsina [VIDEO]

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The body of former President Muhammadu Buhari has reached Katsina State for his official burial ceremony.

Contrary to the initially scheduled arrival time, the former president’s remains landed at exactly 1:59 pm, shortly after President Bola Tinubu arrived.

The aircraft carrying Buhari’s remains landed at the Umaru Musa Yar’Adua International Airport, where President Tinubu was expected to receive it before it would be transported to Daura for the burial.

Members of Buhari’s family also arrived at the airport, including the visibly emotional former First Lady, Aisha Buhari, who was seen among the crowd.

Aisha Buhari and her children, all dressed in black, were accompanied by Nigeria’s First Lady, Oluremi Tinubu.

Contrary to earlier reports suggesting the body would be flown in as cargo, Buhari’s remains arrived aboard the presidential jet, which also carried his family and a delegation led by Vice President Kashim Shettima.

 

More to come…

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Amaechi Wears Turban To Buhari’s Burial In Daura

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Rotimi Amaechi, who previously served as the minister of transportation, attended the funeral of former President Muhammadu Buhari in Daura, Katsina state, wearing a turban.

Buhari, the former president and head of state, passed away on July 13. His burial took place in his hometown, Daura, amidst national mourning.

Amaechi wore the cultural headgear to the ceremony held in honour of the late leader.

Earlier on Tuesday morning, Buhari’s remains were transported from London to Nigeria aboard the presidential jet.

Why Is Amaechi Wearing A Turban?

Amaechi received the title of Dan Amanar of Daura — which translates to “trusted son of Daura” — on February 5, 2022, as an acknowledgment of his contributions to the transport sector.

At that time, Silas Zwingina, a former deputy majority leader in the Senate, dismissed suggestions that the turbaning had political undertones, instead calling it a cultural show of gratitude by the Daura Emirate.

Zwingina stated that the Daura Emirate traditionally honours those who have made significant contributions to the development of the area.

He said it was unrelated to politics and urged people not to attach unnecessary meanings to the gesture, noting that Amaechi’s completed projects in Daura and across Nigeria stood on their own.

Amaechi’s turban has previously stirred controversy. In 2022, Musa Saidu, a leader of Arewa in the south, asked him to refrain from using the turban during political campaigns.

Saidu said the turban carries strong Islamic significance and should not be used as a political symbol.

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What Buhari Told Me About President Tinubu After Fuel Subsidy Removal — Katsina Governor Radda

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Governor Dikko Radda of Katsina State shared details of his conversations with the late former President Muhammadu Buhari following his retirement, including a discussion on President Bola Tinubu’s decision to remove petrol subsidy at the start of his administration.

While addressing reporters at the late president’s burial in Daura, Radda recounted his interactions with Buhari after he left office in 2023. He described gaining insights from Buhari’s leadership and patriotic values during this period.

He said that once Buhari returned to Daura after completing his term in 2023, they were able to engage more frequently, which allowed him to benefit from the former president’s wisdom and humor.

Radda mentioned that their conversations often focused on the challenges facing Nigerians and national service.

He shared that Buhari once told him, Your Excellency, go and do your best and be honest as a leader. You cannot satisfy Nigerians; only God can do that. He added that Buhari often spoke about the burdens he faced in office but felt relieved after retirement.

According to Radda, Buhari also said, I pity Bola (President Tinubu) for what he is doing. He is a brave man for removing the fuel subsidy. When I was president, whenever I made an attempt to remove the subsidy, a lot of people would give me too many reasons not to do so. But Bola did it immediately. If he had consulted people, he could not have removed the fuel subsidy now.

Radda emphasized that this was one of the conversations with Buhari that will stay with him. He said Buhari’s passing has left a significant void in Katsina State that will be difficult to fill.

President Tinubu ended the petrol subsidy on 29 May 2023, the day he assumed office after Buhari. He said the move was necessary to support economic growth and advance national progress.

He also stated that the Nigerian economy had long been underperforming due to various structural issues that hindered its development.

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