The dispute involves multiple parties, including prominent businessman Abubakar Isa Funtua, retired General Theophilus Yakubu Danjuma, and several corporate entities.
The Plaintiff, Abubakar Isa Funtua, has filed a lawsuit against General Theophilus Yakubu Danjuma (Rtd) and his company, LH Telecommunication Limited, alongside other defendants.
These include Seltrix Limited, the Corporate Affairs Commission (CAC), the Nigerian Communications Commission (NCC), Hayatu Hassan Hadeija, Teleology Nigeria Limited, and Mohammed Edewor, a director at Teleology Nigeria Limited. Funtua claims beneficial ownership of 43 million ordinary shares in Teleology Nigeria Limited, currently held in trust by Seltrix Limited.
He alleges that the transfer of these shares to Teleology Nigeria Limited was unlawful and in violation of the company’s Memorandum and Articles of Association.
In his statement of claim, Funtua seeks several legal remedies, including a declaration that the transfer of the 43 million shares is null and void, as well as an order to set aside the registration of an increase in share capital and the allotment of 1.91 billion ordinary shares in EMTS.
He argues that these actions contravene Section 127 of the Companies and Allied Matters Act, 2020.
Additionally, Funtua is seeking N100 billion in general damages from the defendants, jointly and severally.
The case highlights the complex legal and financial battles surrounding one of Nigeria’s major telecommunications companies, with significant implications for its future ownership and operations.