Lagos - The Court of Appeal in Lagos has ruled that Econet Wireless remains a bona fide stakeholder in Airtel Nigeria, reports ThisDay.
The court ruled that the two lower courts had acted properly while ordering that the sale of a 65% stake in the Nigerian business unit by Celtel Nigeria to Zain of Kuwait was null and void, as it did not follow proper procedures, like offering Econet Wireless the first right of refusal since it was a shareholder.
Although the court in its ruling did not determine the cost of damage to be paid by Airtel, Econet is likely to demand for a $3 billion in payouts for its 5% stake in the company.
Bharti Airtel has however, said it will lodge an appeal against that decision at the Supreme Court.
Read more at ThisDay.
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