Posted by Amarachi on Thu 06th Mar, 2025 - tori.ng
Funtua is seeking several declarations and remedies, including the recognition of his beneficial ownership of 43 million ordinary shares, which he alleges were held in trust for him by Seltrix Limited.
The Federal High Court in Abuja will hear the dispute regarding the ownership and control of Emerging Markets Telecommunication Service (EMTS), the operator of 9mobile, on March 19, 2025.
The lawsuit was initiated by Abubakar Isa Funtua against General Theophilus Yakubu Danjuma (Rtd), his company LH Telecommunication Limited, and several other parties over the control of Emerging Markets Telecommunications Limited, which operates under the 9mobile brand.
The defendants in the case include Seltrix Limited (listed as the first defendant), the Corporate Affairs Commission, the Nigerian Communications Commission (NCC), Hayatu Hassan Hadeija, Teleology Nigerian Limited, and Mohammed Edewor, a director at Teleology Nigeria Limited.
In his legal claim, Funtua is seeking several declarations and remedies, including the recognition of his beneficial ownership of 43 million ordinary shares, which he alleges were held in trust for him by Seltrix Limited. He contends that the transfer of these shares to Teleology Nigeria Limited was done in violation of trust and against the company’s Memorandum and Articles of Association.
Additionally, he is challenging the validity of the registration of the share transfer, arguing that it was unlawful. He is also requesting the court to nullify the Corporate Affairs Commission’s approval of the increased share capital and the allocation of 1.91 billion new ordinary shares in Emerging Markets Telecommunications Services Limited, citing a breach of the Companies and Allied Matters Act, 2020.
Funtua is further seeking N100 billion in general damages from the defendants, collectively and individually, along with other reliefs.