Telecoms group Econet Wireless is looking to obtain at least US$3.1bn damages in the Bharti Airtel Nigeria’s ownership case, according to court documents published on Econet’s website.
On 24 January, the Federal High Court of Nigeria had said…
Telecoms group Econet Wireless is looking to obtain at least US$3.1bn damages in the Bharti Airtel Nigeria’s ownership case, according to court documents published on Econet’s website.
On 24 January, the Federal High Court of Nigeria had said that the acquisition of a majority stake by Bharti Airtel in Zain Nigeria – now known as Bharti Airtel Nigeria – in 2010 was “null and void”.
This is because Econet Wireless, originally a 5% shareholder in Airtel Nigeria (formerly known as Econet Nigeria), has allegedly not been notified of this transaction, as well as of other share transfers since 2003.
The company argues that its 5% stake in Econet Nigeria was unfairly cancelled nine years ago.
Over the last few years, Airtel Nigeria has changed hands many times. The company’s name has been modified accordingly.
Most notably, in 2006, Kuwait-based Zain Group bought the African operations of Celtel International before renaming them Zain Nigeria for US$3.4bn. It sold them, four years later, to Bharti Airtel for US$10.7bn.
Following the court judgement in late January, Airtel Nigeria filed an appeal as well as an application for a stay of execution.
