Wednesday, November 25, 2020 / 5:45 AM / by Ecobank Group/ HeaderImage Credit: Sun News

RE : O & O Networks Limited V. BroadCommunications Ltd & 9 Others (Ecobank Nigeria Limited As 10th Respondent)

O&O Networks Limited is appealing an unfavourableCourt of Appeal Judgment that was delivered today and relating to shares thatit previously owned in Airtel Networks Limited.

Our external Solicitors have filed Notices ofAppeal against the judgments, alongside Motions to StayExecution of the Judgments. Parties to theappeals, including Broad Communications Limited, have been servedwith the court papers.

 In August 2018, O & O Networks sold itsshares in Airtel Networks Limited for Naira 22.5 billion (approximately US$62.5million) with the permission of the Federal High Court on June 7, 2018 andsubsequently in September 2018, Broad Communications Ltd  filed aninterlocutory application requesting the Federal High Court of Nigeria to grantan order directing O&O Networks to place Naira 22.5 billion (approximatelyUS$62 million) - the entire proceeds of the sale of the Airtel shares and anamount 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 HighCourt, pending the final determination of the substantive claim. 

The Federal High Court of Nigeria granted theinterlocutory application on March 7, 2019. O & O Networks subsequentlyfiled 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 today24th November 2020.  A further aappeal against the judgments,alongside Motions to Stay Execution of the Judgmentshave been filed to the Supreme Court today.

 O&O Networks will prosecute the SupremeCourt appeal vigorously as it believes the substantive claim of BroadCommunications Ltd. is without merit whatsoever as O & O Networks sold theshares validly and with the authorization of a court of law.

 O&O Networks is a special purpose vehiclepreviously owned by former Oceanic Bank International Limited ('Oceanic') andwhich, in 2011, formed part of Ecobank Transnational Incorporated's (ETI)acquisition of Oceanic. 

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