The management of Emerging Markets Telecommunication Services Limited (EMTS), trading as 9mobile, has debunked reports linking it to a court order to pay N55 billion to Keystone Bank.
9mobile said in a statement that the reports dated July 19, 2024, were not only false but defamatory, adding that the legal tussle is between a minority shareholder in the company, Teleology Nigeria Limited, and Keystone Bank.
“The Management of 9mobile wishes to inform the concerned public and critical stakeholders that, contrary to this misleading headline, Emerging Markets Telecommunication Services Limited (EMTS), trading as 9mobile was neither a party to any suit nor affected by the order said to have been made against it as an entity,” the statement said.
“The said story is not only false but also defamatory in its effect on the 9mobile corporate reputation. If the correspondents who filed the obviously syndicated news stories were anywhere near the court room during the proceedings leading to the issuance of the said order, they would have known that at no point was 9mobile a party to the suit in question. Rather, the action was appropriately classified and filed as, “Keystone Bank v. Teleology Nigeria Limited.”
“For the avoidance of doubt, no judgement was made against 9mobile and the attempt to link our corporate entity with a transaction by our minority shareholder, Teleology Nigeria Limited in its legal tussle with Keystone Bank, is false and maliciously misleading.
“9Mobile is under new ownership with a 95.5 % controlling stake in the business and has not been found liable for the action of its minority shareholder in the suit in question. Our business transformation programme has commenced and we are poised to reclaim our place in the market.”
