Airtel Nigeria battle looms
Bharti Airtel says it will appeal the Nigerian High Court ruling giving Econet Wireless a 5% share in Airtel Nigeria.
The Federal High Court of Nigeria last week awarded Econet Wireless the 5% stake, after a lengthy legal process.
Econet said in a statement earlier today that the High Court had reinstated the shares and also ordered that the name change from Econet Wireless Nigeria Limited was irregular, and must be reversed forthwith.
Airtel Nigeria said it had filed an appeal against this judgement. It stated: “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.”
Airtel added that the judgement would have no impact on the equity holding of other shareholders in Airtel Nigeria.
It said: “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.”