Justice Yellin Bogoro of the Federal High Court in Lagos has mandated Teleology Nigeria Limited, the owners of 9Mobile Network, to settle a debt of N55,776,570,509.60 (Fifty-five Billion Naira, Seven Hundred and Seventy-six Million, Five Hundred and Seven Thousand, Five Hundred and Nine Naira, Sixty Kobo) owed to Keystone Bank Limited.
The legal action, initiated by Keystone Bank’s counsel, Bode Olanipekun, SAN, accused Teleology Nigeria Limited of failing to service a loan facility used to finance its acquisition of strategic assets in Emerging Markets Telecommunication Services Ltd., known as 9Mobile Network.
Olanipekun highlighted that despite Keystone Bank offering to restructure the loan, Teleology did not comply with several conditions, including various operational and transactional requirements specified in the restructuring agreement.
“Rather than repaying the debt, the defendant proposed a complex transaction involving PAC Limited, suggesting a debt sale and conversion to equity without any immediate payment,” Olanipekun stated.
Teleology Nigeria Limited’s counsel, Michael Kaase Aôndoakaa, SAN, argued that the Federal High Court lacked jurisdiction over banker-customer disputes and urged the court not to rule in favor of Keystone Bank.
In response, Olanipekun requested the court to disregard Aôndoakaa’s arguments, noting the absence of any application to halt the court’s judgment or an appeal against its prior orders.
The court ruled that Teleology’s application resembled an attempt to delay judgment, which was deemed inappropriate. Concluding that the defendant had no valid defense, Justice Bogoro ruled in favor of Keystone Bank, ordering Teleology to pay the outstanding debt of N55,776,570,509.60.
