Court to rule Sept 24 on disputed transfer of 43m shares in 9mobile

The Federal High Court in Abuja has fixed September 24, 2025, to deliver a ruling on several pending applications in the high-profile suit filed by businessman Abubakar Ismaila Isa, who claims his 43 million shares were illegally transferred without consent to Emerging Markets Telecommunication Services Limited, operators of 9mobile.

The matter, filed under suit number FHC/ABJ/CS/1971/2024, was argued before Justice Mohammed Umar on Wednesday, as Isa’s legal team, led by Femi Atteh, SAN, pressed forward with claims of breach of trust, illegal share transfer, and improper regulatory approval.

Isa is seeking a judicial declaration confirming him as the beneficial owner of 43 million ordinary shares, which he alleges were held in trust by Seltrix Limited (1st Defendant) in the capital of Teleology Nigeria Limited (3rd Defendant) — a company that once held majority control (89.9%) of 9mobile.

He alleges that Seltrix Limited, in conjunction with Hayatu Hassan Hadeija (2nd Defendant), transferred the shares without his knowledge or authorization, leading to a change of control in 9mobile that has now shifted ownership to LH Telecommunication Limited.

According to Isa’s legal team, Teleology secured a loan from the African Export-Import Bank (Afrexim) using its 9mobile shares as collateral. However, Isa claims the 43 million shares he entrusted to Seltrix were included in this transaction without his consent.

“The 1st and 2nd Defendants held these shares in trust but went ahead to assign or gift them to the 5th Defendant (9mobile),” Atteh argued in court. “This act was done in breach of trust and without lawful justification.”

He further claimed that both CAC and NCC improperly approved the transfer of ownership and control of 9mobile from Teleology to LH Telecom, actions that he insists were unauthorized and lacked due legal process.

He advised Isa to pursue a civil recovery action against his trustee (Seltrix), rather than dragging multiple parties into a dispute involving a private trust arrangement.

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“This matter is a private claim disguised as a public interest lawsuit,” Aôndoakaa said. “The proper course is for the plaintiff to sue Seltrix for recovery and not extend liability to others uninvolved in the original trust agreement.”

In response, Atteh urged the court to dismiss the objection, asserting that “trust issues” require full trial consideration and cannot be brushed aside procedurally. He emphasized that the transfer of ownership and regulatory approvals were flawed, violating the plaintiff’s proprietary interests.

“These are substantive matters of equity and trust which the court must determine on merit,” Atteh argued.

Justice Umar, after listening to both sides, adjourned the matter to September 24, 2025, for ruling on the preliminary objections and other pending applications.

This legal battle is the latest in a series of ownership transitions involving 9mobile. Originally launched as Etisalat Nigeria, the telecom firm underwent a forced restructuring in 2017 following loan defaults by its former management.

In 2018, Teleology Nigeria Limited acquired control of 9mobile in a Central Bank of Nigeria (CBN)-supervised sale led by Barclays Africa, settling a $301 million debt owed to a syndicate of 13 banks including GTBank, Zenith Bank, and Access Bank.

However, in July 2024, 9mobile’s ownership reportedly shifted once again, this time to LH Telecommunication Limited, prompting concerns about transparency in corporate governance and shareholder protection.

“This case highlights the long-standing gaps in Nigeria’s trust law and the need for tighter oversight of shareholding transactions in high-value corporate entities,” said Dr. Emeka Oguejiofor, a corporate law analyst.