Ongoing court action in Airtel Nigeria case
A legal battle is taking shape over Econet’s 5% holding in Airtel Nigeria.
Last month, the Nigerian High Court ruled that Econet Wireless was entitled to a 5% stake in Airtel Nigeria, due to its having held a stake in Zain when Zain’s Africa holdings were sold to Bharti Airtel.
Airtel Nigeria then filed an Application for Stay of Execution of the said court judgment.
In a new statement, Econet says it has now filed a counter affidavit, opposing Bharti’s Application for Stay of Execution. In its Counter Affidavit, Econet claims that allegations by Bharti on the impact of the judgment are false.