Businessman Asks Court to Reverse Sale of his N43m Shares to Telecom Firm
A businessman, Abubakar Isa has asked a Federal High Court sitting in Abuja, to reverse what he described as the unlawful surrender of his 43million shares to a telecom firm, Teleology Nigeria Ltd.
Isa filed the suit against LH Telecoms, 9Mobile and seven others over the alleged mismanagement of his 43 million shares in Teleology, the former majority shareholders of 9Mobile.
Other defendants in the suit are Seltrix Ltd, Hayatu Hadejia, Mohammed Edewor, Corporate Affairs Commission, CAC, Nigerian Communications Commission, NCC, and General Theophilus Danjuma.
In his statement of claims, Isa averred that sometime in 2018, when Teleology was undergoing restructuring and reorganisation for the acquistion of 9Mobile, he mandated Seltrix as his trustee to acquire 25million shares to 43million ordinary shares in the capital of the telecom firm.
With his 43million acquired shares, Isa averred that Seltrix bacame a majority shareholder in the restructured Teleology while Diama Telecoms Africa held 30million shares, Diama Telecoms Nig, 20million shares, Mohammed Edewor 5million shares and Teleology 2million shares.
The businessman further averred that sometime in 2022, Seltrix acting through its director and majority shareholder, Hadejia purportedly executed a deed of surrender, surrending all its 43million shares to Teleology.
Following the alleged share surrender which he claimed was neither approved by him nor other core investors, Isa averred that Teleology relying on the new shareholding structure which was subsequently registered with CAC, eventually acquired 9Mobile and proceeded replace the representatives of Seltrix from its Board of Directors.
Isa further claimed that Teleology went ahead to further approve a new share structure for 9Mobile with the creation of 1.91billion ordinary shares of one naira each which was later passed on to LH Telecoms as the new majority shareholder.
The plaintiff averred that despite the flurry of objections by other investors, including the then chairman of 9Mobile, Alhaji Ado Bayero, over non compliance with licencing regulations in transferring and changing of ownership, the NCC went ahead to approve the acquistion of 9Mobile by LH Telecoms.
Isa is asking the court to amongst others set aside the purported consent given by Teleology to 9Mobile for LH Telecoms to make investment in the company.
A declaration that the acquisition of 43million ordinary shares purportedly transferred or surrendered to Teleology in breach of Seltrix duty as Trustee of the plaintiff and in contravention of clause 48 of the Memorrandum and Articles of Association of Seltrix, is null, void and of no effect.
A declaration that the purported registration of the transfer by way of surrender /gift of 43million ordinary shares held by Selftrix in the capital of Teleology is unlawful, null and void.
An order for the rectification of the Register of members of Teleology to include the plaintiff as owner of 43million ordinary shares held by Seltrix Ltd in trust for the plaintiff.
An order setting aside the porported ordinary resolution of the shareholders of Teleology dated July 22, 2022, and its subsequent filing with CAC for being invalid, null and void.
An order setting aside the approval in principle granted by NCC to 9Mobile for the transfer of its ownership and control from Teleology to LH Telecoms, same being in contravention of regulations 42 and 43, 2019 and illegal, null and void.
The sum of N100 billion jointly and severally as general damages against the defendants.
