A high-stakes legal dispute over the ownership of 43 million shares in 9mobile is heading for a verdict, as the Federal High Court in Abuja sets September 24 as the date to deliver its ruling. The decision follows a suit filed by businessman Abubakar Ismaila Isa, who insists his shares were transferred without his knowledge or consent.

The case, which is being heard by Justice Mohammed Umar, stems from Isa’s claim that he is the rightful beneficial owner of shares held in Teleology Nigeria Limited, a key stakeholder in 9mobile. Represented by Senior Advocate of Nigeria, Femi Atteh, Isa is asking the court to declare that the shares were held in trust by Seltrix Limited but were unlawfully moved to 9mobile.

At the heart of the matter is a complex financial transaction involving Teleology Nigeria Limited and the African Export-Import Bank (AFREXIM). Court filings indicate that Teleology obtained a loan from AFREXIM to purchase majority shares in 9mobile. According to Isa, those shares included the 43 million that were entrusted to Seltrix Limited and its representative, Hayatu Hassan Hadeija.

“I entrusted Seltrix and Hadeija with my shares in Teleology, which in turn holds a controlling 89.9% stake in 9mobile,” Isa argued through his legal team.

He maintains that the defendants transferred his shares to Emerging Markets Telecommunications Limited—known as 9mobile—without permission. This move allegedly paved the way for a change in the control of 9mobile, now under the management of LH Telecommunication Limited.

Regulatory Approval Under Scrutiny

The plaintiff further alleges that Nigeria’s Corporate Affairs Commission (CAC) and the Nigerian Communications Commission (NCC) approved the transfer and change of control without following due process. These regulatory bodies are now among the defendants in the lawsuit.

Without any legal justification, the CAC and NCC approved a change of ownership in 9mobile to LH Telecommunication,” Isa’s affidavit states.

The suit also names other parties involved in the transaction, including General Theophilus Yakubu Danjuma (Rtd), Mohammed Edewor, and Emerging Markets Telecommunications Limited. In total, nine defendants have been listed in the court filings.

Isa’s central argument hinges on the claim that Seltrix Limited breached a trust agreement by transferring the shares. His legal team insists that any share movement required his explicit approval, which was never granted.

Seltrix allegedly gifted and transferred shares it held in trust for the plaintiff without consent,” Atteh stated during proceedings.

According to legal experts cited by the National Institute for Trial Advocacy, trust violations involving corporate equity are treated with serious legal implications, especially when multiple regulatory bodies and financial agreements are involved.

I am passionate about crafting stories, vibing to good music (and making some too), debating Nigeria’s political future like it’s the World Cup, and finding the perfect quiet spot to work and unwind.

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