Airtel Nigeria Appeals Econet Ruling, Returns To Court

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Airtel Nigeria

Airtel Nigeria

Airtel Networks Limited, owners of Airtel Nigeria, the third largest mobile operator in the country has filed an appeal against the ruling of a Federal High Court last week reinstating Econet Wireless Limited’s five per cent equity and its membership of the Board of Airtel Nigeria.

In a statement from Airtel Nigeria yesterday, signed by its management, the company said, “In the light of the judgment by the Federal High Court of Nigeria regarding Econet Wireless Limited’s (EWL) claim to the ownership of 5 per cent equity in Airtel Networks Limited (Airtel Nigeria), an appeal against the said judgment has been filed by Airtel Nigeria.

“The company abides by (and has full confidence in) the law of the land, and believes the Appeal Court will determine the appeal on its merits. In addition, the judgment will have no impact on the equity holding of other shareholders in Airtel Nigeria.

“We wish to assure our customers, employees and business partners that the ruling will in no way affect operations or the company’s ability to fulfill obligations to its stakeholders,” the statement read.

Earlier yesterday, EWL issued a statement reaffirming the ruling and saying it was willing to dialogue with the Board of Airtel to find the best way forward for all the parties.

On January 24, 2012, in the Federal High Court of Nigeria, the Honorable Justice Shuaib, handed down judgment in the matter between Econet Wireless Ltd (‘EWL’) vs. Bharti Airtel Nigeria Limited, suit No FHC/KD/39/2008 (Formerly FHC/L/172/2004).

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