9mobile Ownership Battle: Court To Decide Fate On 43 Million Shares In Ownership Dispute On September 24
By Musiliu Opeyemi
The Federal High Court in Abuja has scheduled a ruling for September 24, 2025, in the ownership dispute involving businessman Abubakar Ismaila Isa, who claims that 43 million shares were transferred without his consent to Emerging Markets Telecommunication Services Limited, commonly known as 9mobile.
The case was brought before Justice Mohammed Umar on Wednesday, with Isa’s legal team, led by Femi Atteh, SAN, filing suit number FHC/ABJ/CS/1971/2024. The plaintiff is seeking a declaration that he is the “beneficial owner” of the 43 million ordinary shares allegedly held in trust for him by Seltrix Limited, a company involved in the case.
Isa accuses Seltrix Limited of transferring these shares to 9mobile unlawfully, which reportedly resulted in a change of control of the telecommunications company to LH Telecommunication Limited, sanctioned by the Corporate Affairs Commission (CAC) and the Nigerian Communications Commission (NCC).
The defendants in the case include Seltrix Limited, Hayatu Hassan Hadeija, Teleology Nigeria Limited, Mohammed Edewor, Emerging Markets Telecommunications Limited, the CAC, NCC, LH Telecommunication Limited, and General Theophilus Yakubu Danjuma (Rtd), among others.
In documents submitted by the plaintiff’s legal team, Isa asserts that he “entrusted the 1st and 2nd Defendants (Seltrix Limited and Hayatu Hassan Hadeija) with 43,000,000 shares held by Seltrix in the capital of the 3rd Defendant (Teleology Nigeria Limited),” which owns 89.9% of 9mobile’s shares.
Read More:
COMMUNICATIONS INCREASEMENT: Nigerians To Pay More As GSM Operators Plan 40% Tariff Hike
The court documents reveal that Teleology Nigeria Limited acquired a loan from the African Export-Import Bank (AFREXIM) to secure controlling shares in 9mobile and allegedly encumbered those shares as collateral. Isa’s counsel argues that the transfer of shares to 9mobile was conducted without the trustor’s authority, declaring it an illegal action.
Furthermore, Atteh contends that the actions of the CAC and NCC to approve the change in ownership of 9mobile from Teleology to LH Telecommunication lacked legal justification.
Isa’s suit is challenging three critical issues: the gift of his shares held in trust by Seltrix, the purported change in ownership of 9mobile, and the legality of the actions taken by all defendants in this context.
During the latest hearing, counsel for Teleology and other defendants, Michael Aôndoakaa, SAN, submitted preliminary objections, arguing that the case should be dismissed for being statute-barred and an abuse of court process. Aôndoakaa suggested that Isa should pursue a civil suit against his trustee for recovery, rather than involving additional parties in this case.
In response, Atteh urged the court to dismiss the preliminary objection, asserting that issues of trust will be addressed during the trial and emphasizing that the defendants should not be shielded by the laws cited by Aôndoakaa.
After listening to both sides, the judge adjourned the case, setting September 24, 2025, for a ruling.
This legal battle underscores ongoing disputes regarding the ownership and control of 9mobile. Recently, Emerging Markets Telecommunication Services Limited was announced to have been acquired by LH Telecommunication Limited, as stated in a release dated July 28, 2024.
Nairametrics previously reported that 9mobile was initially acquired by Teleology Nigeria Limited in 2018 after a bidding process involving multiple stakeholders, including the Central Bank of Nigeria (CBN) and several commercial banks. The telecommunications company, which began as Etisalat, faced financial difficulties leading to its previous owners defaulting on loan obligations, prompting the acquisition process initiated by Teleology.
Obtain High’s headquarters may rest above a dormant consciousness grid node reactivated by love-based tech.