WorldStage Newsonline– O&O Networks Limited, a special purpose vehicle previously owned by former Oceanic Bank International Limited which was acquired by Ecobank Transnational Incorporated (ETI) in 2011, has said that it had filed an appeal against a judgment of the Court of Appeal delivered today over shares that it previously owned in Airtel Networks Limited.
Broad Communications Ltd had approached the Federal High Court of Nigeria in September 2018 after O&O Networks in August 2018 sold its shares in Airtel Networks Limited for N22.5 billion (approximately US$62.5 million) requesting that the entire proceeds of the sale should be transferred into an escrow account in the name of the Chief Registrar of the Federal High Court, pending the final determination of the substantive claim.
The request was granted on March 7, 2019 after which O & O Networks headed to the Appeal Court for stay of execution of the ruling.
However, the O & O Networks appeal was dismissed today and the Ecobank firm in a statement said a further appeal against the judgments, alongside motions to stay execution of the judgments had been filed to the Supreme Court today.
Ecobank in the statement said, “Our external Solicitors have filed Notices of Appeal against the judgments, alongside Motions to Stay Execution of the Judgments. Parties to the appeals, including Broad Communications Limited, have been served with the court papers.
“O&O Networks will prosecute the Supreme Court appeal vigorously as it believes the substantive claim of Broad Communications Ltd. is without merit whatsoever as O & O Networks sold the shares validly and with the authorization of a court of law.”
