Justice Binta Nyako, in a ruling, voided all steps taken in relation to the exchange of ownership of Etisalat despite pending orders for maintenance of status quo, restraining parties to a suit, involving investors and other stakeholders in the company, from destroying the subject matter.

Justice Nyako, who noted that parties were all aware of the existence of the suit, the defendants have been served between April 24 and 27, 2018 with the originating process, faulted the sale, as claimed by the plaintiffs in a motion filed on November 16, 2018.

In suit was filed by two major investors in Etisalat, Afdin ventures limited and Dirbia Nigeria Limited.

Afdin and Dirbia, whose investments in Etisalat is estimated at $43,033,950, had sued to retrieve their investments on the grounds that they were aggrieved, having been excluded from the decision-making process of the company.

The plaintiffs asked the court to void the sale of Etisalat, upon learning that the defendants have proceeded to conclude the transfer of the company's ownership despite the restraining orders made earlier by the court.

Defendants in the suit are Karington Telecommunication Ltd, Premium Telecommunications Holdings NV, First Bank of Nigeria Plc, Central Bank of Nigeria, Etisalat International Nigeria Ltd and Nigeria Communication Commission (NCC).