JOHANNESBURG (04/02/2004) - The Federal High Court of Nigeria Thursday held a hearing in Lagos before Justice Mustapha in an ongoing application brought by Econet Wireless Ltd. (EWL), in which EWL is seeking an order to set aside decisions and resolutions made at an AGM on 9 November by Econet Wireless Nigeria (EWN).
EWL has asked the Nigerian court to grant an injunction preventing any of the following:
-- Allotment of shares to Vodacom Pty. Ltd.;
-- Change of the name of the company to Vodacom;
-- Conclusion of a management agreement with Vodacom
EWL wants the injunction to remain in place until an international arbitration on a shareholder's dispute, currently taking place under the International Court of Arbitration, has been conducted and a ruling made.
Justice Mustapha adjourned the matter to Tuesday next week for concluding arguments before issuing his ruling.
Commenting on the announcement by Vodacom and EWN that they had concluded a five year management contract, EWL CEO Strive Masiyiwa said: "The court in Nigeria has the power to reverse any decision they took today so this could end up as a five day management agreement instead of a five year agreement."