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9mobile Investors Fight in Court Over Ownership and Control

The plaintiff, Abubakar Isa Funtua had sued  General Theophilus Yakubu Danjuma (Rtd) and his company LH Telecommunication Limited, as well as the other defendants over the ownership and control of Emerging Markets Telecommunications Limited trading under the name of 9mobile

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A Federal High Court sitting in Abuja, will on March 19, 2025, hear an ongoing dispute over the ownership and control of Emerging Markets Telecommunication Service (EMTS) which is the holder and operator of 9mobile Telecommunication licence.

The plaintiff, Abubakar Isa Funtua had sued  General Theophilus Yakubu Danjuma (Rtd) and his company LH Telecommunication Limited, as well as the other defendants over the ownership and control of Emerging Markets Telecommunications Limited trading under the name of 9mobile.

The other defendants are: Seltrix Limited (sued as the 1st Defendant); the Corporate Affairs Commission; Nigerian Communications Commission (NCC); Hayatu Hassan Hadeija; Teleology Nigerian Limited and one Mohammed Edewor, a Director in Teleology Nigeria Limited.

ThisDay reports that in his statement of Claim, the plaintiff seeks amongst other reliefs: “A Declaration that he is the beneficial owner of the 43,000,000 (Forty-three Million) ordinary shares held in trust for him by the 1st Defendant (Seltrix Limited) in the capital of the 3rd Defendant (Teleology Nigeria Limited)”.

A declaration that the acquisition of the 43,000,000 (Forty-three Million) ordinary shares purportedly transferred or surrendered to the 3rd Defendant (Teleology Nigeria Limited) in breach of the 1st Defendant’s (Seltrix Limited) duty as Trustee of the Plaintiff and in contravention of Clause 48 of the Memorandum and Articles of Association of the 1st Defendant (Seltrix Limited) is null, void and of no effect.”

That the purported registration of the transfer by way of surrender/gift of Forty-three Million (43,000,000) ordinary shares held by the 1st Defendant (Seltrix Limited) in the capital of the 3rd Defendant (Teleology Nigeria Limited) is unlawful, null, and void.” 

An Order setting aside the purported registration by the 6th Defendant (Corporate Affairs Commission) of the increase in the share capital and the allotment of the newly created One Billion, Nine Hundred Ten Million (1,910,000,000) ordinary shares of the 5th Defendant (Emerging Markets Telecommunications Services Limited) in contravention of Section 127 of  the Companies and Allied Matters Act, 2020.”

The plaintiff also seeks the sum of N100 billion, as general damages from the defendants, jointly and severally, amongst other reliefs.

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Business

MTN Group says it’s under US investigation

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South African mobile operator MTN Group said Monday it was under US investigation over its activities in Iran and Afghanistan, at a time of icy ties between Washington and Pretoria.

Africa’s biggest telecoms company is already facing court challenges in South Africa by Turkey’s Turkcell, which accuses it of winning the Iranian market through corruption.

In 2006, MTN was chosen over Turkcell to become the 49 percent minority shareholder in Iranian government-controlled mobile phone carrier Irancell.

MTN had been made aware of a US Department of Justice (DoJ) grand jury investigation relating to its former subsidiary in Afghanistan and Irancell, the company said in a statement.

“MTN is cooperating with the DoJ and voluntarily responding to requests for information,” said the statement accompanying the group’s financial results.

Grand juries typically decide whether or not to formally lay charges in a case and take it to trial.

The South African multinational is also facing a court case in the United States from US veterans wounded in Iraq and Afghanistan, as well as relatives of soldiers killed in action, the statement said.

“The plaintiffs’ complaints allege that MTN supported anti-American militias in Iraq and Afghanistan .

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UBA Secures N5bn BoI MSME fund for disbursement to key sectors

The facility provides a maximum loan amount of N5 million per obligor, with a three-month moratorium on principal repayments, ensuring businesses have ample time to stabilise before they begin to service the loans.

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•GMD/CEO UBA), Oliver Alawuba.

United Bank for Africa (UBA) Plc, has secured a N5 billion loan facility from the Bank of Industry (BOI), to boost key sectors of the economy and support the growth of sustainable and viable businesses in the country, especially the micro, small, and medium enterprises (MSMEs) owned by women.

The facility disbursed through the Federal Government’s MSME Fund, is designed to stimulate key sectors of the economy, while offering affordable financing to support businesses, with a primary focus on Green Energy, Education, Healthcare, and Women-Owned Enterprises.

UBA’s Group Managing Director/CEO, Oliver Alawuba, who spoke about the facility emphasised the bank’s commitment to fostering economic growth by empowering MSMEs, which he described as the “livewire of any developing economy.

He said, “At UBA, we recognize the pivotal role MSMEs play in driving economic development, and how they make up a sizeable portion of what drives our economic growth.

It is in this vein that we have decided not to rest on our oars by facilitating initiatives dedicated to empowering businesses with the financial support they need to thrive.”

Alawuba maintained that, “by offering loans at a competitive 9% interest rate with a three-year tenor, we are removing the traditional barriers that hinder SME growth in Nigeria and Africa. And by this, our message to business owners is simple: Don’t let this once-in-a lifetime-opportunity elude you.

”The facility provides a maximum loan amount of N5 million per obligor, with a three-month moratorium on principal repayments, ensuring businesses have ample time to stabilise before they begin to service the loans.

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CPPE Proposes Policy Action to Reduce Food Prices

Dr Muda Yusuf, the Director/CEO of CPPE, noted that while progress has been made in moderating headline and core inflation, the persistence of food and month-on-month price increases highlights unresolved structural weaknesses.

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The Centre for the Promotion of Private Enterprise (CPPE) says that a coordinated mix of monetary, fiscal, and structural interventions will be required by the Central Bank of Nigeria, and the Ministry of Finance to consolidate recent drops in inflation and steer the economy toward sustained stability.

CPPE suggested in reaction to the July 2025 inflation reported by the NBS

The headline inflation declined for the fourth consecutive month, easing from 22.22% in June to 21.88% in July, a deceleration of 0.34%Month-on-month food inflation also moderated, falling from 3.25% in June to 3.12% in July, while core inflation posted marginal declines year-on-year (-0.03%) and a sharp slowdown month-on-month, from 3.46% to 0.97%.

Dr Muda Yusuf, the Director/CEO of CPPE, noted that while progress has been made in moderating headline and core inflation, the persistence of food and month-on-month price increases highlights unresolved structural weaknesses.

“The July 2025 inflation figures present a mixed outlook for the Nigerian economy, with notable improvements in key indicators but lingering risks that demand policy attention,” he said.

These developments reflect a gradually stabilising macroeconomic environment, supported by exchange rate stability, improved investor confidence, and the lingering impact of import duty waivers on key staples such as rice, maize, and sorghum.

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