A Federal High Court in Abuja on Thursday refused the request by Transcorp to stop the resale of 51% of NITEL and its mobile arm, M-Tel. Transcorp had initially acquired the shares, but the government revoked the sale amid allegations of mismanagement of the incumbent telco.
Defendants in the suit filed by Transcorp are the Bureau of Public Enterprises (BPE), Federal Attorney General, National Council on privatization (NCP), Finance Ministry, and seven members of the interim board of NITEL.
Justice Gabriel Kolawole said he is wary of issuing injunctions because some lawyers have abused the process. Justice Kolawole stuck to his guns despite the arguments by Transcorp counsel, Innocent Daa’gba.
Daa’gba also disclosed that he had to rush to court because of the fear that NITEL may be sold at any time, even at a devalued rate. However, Justice Kolawole told him to serve all the defendants with the motion on notice, stressing that the resale of NITEL could still be reversed if Transcorp wins the case.
Read more news on NITEL and Transcorp Nigeria
Source(s): Balancing Act Africa
