The Federal High Court in Abuja has scheduled September 24, 2025, to deliver a ruling on several applications in a high-profile lawsuit involving Nigerian businessman Abubakar Ismaila Isa, who claims that 43 million shares he entrusted to a company were transferred without his consent to Emerging Markets Telecommunication Services Limited, better known by its trade name 9mobile.
The case, marked FHC/ABJ/CS/1971/2024, was heard on Wednesday before Justice Mohammed Umar. It was filed by Isa’s legal team led by Femi Atteh, SAN, who asked the court to declare him the beneficial owner of the shares allegedly held in trust by the 1st defendant, Seltrix Limited, in the capital of the 3rd defendant, Teleology Nigeria Limited.
Isa contends that Seltrix Limited and its associate, Hayatu Hassan Hadeija, transferred the 43 million shares to 9mobile without informing or getting approval from him, leading to a change of ownership and control that was later approved by the Corporate Affairs Commission (CAC) and the Nigerian Communications Commission (NCC).
The defendants named in the suit include Seltrix Limited, Hayatu Hassan Hadeija, Teleology Nigeria Limited, Mohammed Edewor, Emerging Markets Telecommunications Limited (9mobile), CAC, NCC, LH Telecommunication Limited, and General Theophilus Yakubu Danjuma (Rtd)—making a total of nine parties involved.
According to Isa, Seltrix held the shares on his behalf in Teleology Nigeria Limited, a company that was at one time the majority shareholder in 9mobile, with nearly 89.9% ownership. Teleology had reportedly secured a loan from the African Export-Import Bank (Afrexim) to acquire controlling shares in 9mobile. Isa’s legal team alleges that the shares were used as collateral and later transferred illegally.
Femi Atteh told the court that Seltrix Limited had “purportedly gifted and transferred” the shares held in trust for Isa, and that the CAC and NCC approved a change of control in 9mobile from Teleology to LH Telecommunication Limited without proper legal processes.
Atteh asked the court to look into how the shares were transferred, whether Isa’s trust rights were violated, and whether CAC and NCC followed the law in approving the change of control in the company. He also urged the court to dismiss the preliminary objections raised by the defence.
Meanwhile, counsel for the defendants, including former Attorney General of the Federation Michael Aôndoakaa, SAN, argued that the suit should be struck out for being statute-barred—claiming it was filed after the legal deadline—and that it amounted to an abuse of court process. He advised Isa to file a civil suit directly against Seltrix instead of dragging other parties like 9mobile, CAC, and NCC into the matter.
Atteh, however, responded that the issue of trust must be determined at trial and cannot be dismissed prematurely. He maintained that the defendants should be made to answer to the allegations in court, especially since Isa claims to be the rightful owner of the shares in question.
Justice Mohammed Umar, after listening to arguments from both sides, adjourned the matter to September 24 for ruling on the preliminary applications. This ruling could determine whether the main suit will proceed to full trial or be dismissed at this stage.
The dispute touches on the ownership history of 9mobile, which was initially launched in Nigeria as Etisalat. After a loan default by its previous owners, the company was acquired in 2018 by Teleology Nigeria Limited through a competitive bidding process. That process was overseen by Barclays Africa, the Central Bank of Nigeria (CBN), and the NCC, alongside 13 commercial banks including GTBank, Zenith Bank, and Access Bank.
Teleology reportedly made a $50 million deposit followed by a $251 million payment to complete the acquisition and settle the banks involved. However, in July 2024, it was revealed that 9mobile had been acquired again—this time by LH Telecommunication Limited, a move now being challenged by Isa in court.
This ongoing legal case is the latest in a series of ownership and control battles involving 9mobile, which has faced a turbulent history since the Etisalat brand exited Nigeria. The outcome of Isa’s case could further shape the corporate control of one of Nigeria’s top telecom operators.
