For What it termed as “unfavourable” judgment coming from an appeal court verdict in a disputed Airtel Shares with Broad communications limited, O&O Network Limited, Ecobank Transnational Incorporated and eight others has filed an appeal against the said judgment to the apex court with a Stay of Execution
A statement made available to Urban Express News-online says O&O Network limited, Ecobank and eight other as respondent will appeal the judgment that was delivered Yesterday relating to shares that are previously owned in Airtel Network limited.
The Statement Put further; “Our external Solicitors have filed Notices of Appeal against the judgments, alongside Motions of Stay of Execution.
“Parties to the appeal, including Broad Communications Limited, have been served with the court papers”.
The statement Reads in Part; “ that In August 2018, O & O Networks sold its shares in Airtel Networks Limited for Naira 22.5 billion (approximately US$62.5 million) with the permission of the Federal High Court on June 7, 2018, and subsequently in September 2018, Broad Communications Ltd filed an interlocutory application requesting the Federal High Court of Nigeria to grant an order directing O&O Networks to place N22.5 billion (approximately US$62 million) – the entire proceeds of the sale of the Airtel shares and an amount which is significantly in excess of the plaintiff’s total monetary claim – 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 Federal High Court of Nigeria granted the interlocutory application on March 7, 2019. O & O Networks subsequently filed a Notice of Appeal and an application to stay of execution of the Ruling”.
“The appeals against the Ruling were dismissed by the Court of Appeal Yesterday 24th November 2020. A further appeal against the judgments, alongside Motions to Stay Execution of the Judgments have been filed to the Supreme Court today”.
“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”.
“O&O Networks is a special purpose vehicle previously owned by former Oceanic Bank International Limited (‘Oceanic’) and which, in 2011, formed part of Ecobank Transnational Incorporated’s (ETI) acquisition of Oceanic”.