Justice Ibrahim Buba sitting at the Federal High Court, Lagos has nullified the appointment of an interim board for Emerging Markets Telecommunications Service (EMTS), the fourth largest telecommunications service operator in Nigeria and owners of Etisalat.
The Court made the order following an application by Spectrum Wireless Communication Ltd, which invested $35million in 2009 in EMTS/Etisalat.
The order nullifies the appointment of Dr Joseph Nnana of the Central Bank of Nigeria (CBN) as chairman, Mr Boye Olusanya as Managing Director, Mrs Funke Ighodaro as Chief Financial Officer, Mr Seyi Bickersthet and Mr Ken Igbokwe as on the board of EMTS.
The nullification follows dismissal by Justice Buba of the preliminary objection filed by United Capital Trustees Ltd in response to the application by Spectrum Wireless, a shareholder of EMTS.
He ruled: “An order is hereby granted discharging the ex-parte order made by this court in this suit in favour of the respondent on the 3rd day of July 2017.
“The order made pursuant to motion ex-parte dated 3rd day of July 2017 was a nullity, made without jurisdiction and obtained by misrepresentation of facts. Same be and is hereby discharged and vacated as prayed.
“The motion for stay is struck out having set aside the order. The respondent shall reverse all steps taken by it since the order was a nullity.”
Spectrum Wireless claimed that the order was obtained by misrepresentation of facts that alienated its interests in the company.