9Mobile speaks on report of N55 billion payment debt to Keystone Bank

The mobile network operator, Emerging Markets Telecommunications Limited, popularly known as 9Mobile, said it is not a party to any suit nor affected by any court order.

The company in a statement signed by its management made this known in reaction to reports alleging that a court ordered Teleology Nigeria Limited, owners of 9Mobile Network, to pay N55 billion debt to Keystone Bank.

In its statement, the company said the story is not only false but also defamatory in its effect on the company’s corporate reputation.

“Our attention has been drawn to a wave of syndicated media publications dated Friday 19, July 2024 with the same copious headline, “Court orders 9mobile to pay N55 billion debt to Keystone Bank.”

“The management of 9mobile wishes to inform the concerned public and critical stakeholders that, contrary to this misleading headline, Emerging Markets Telecommunication Services Limited (EMTS), trading as 9mobile was neither a party to any suit nor affected by the order said to have been made against it as an entity.

“The said story is not only false but also defamatory in its effect on the 9mobile corporate reputation,” the company said

It explained that at no point was 9mobile a party to the suit in question.

Rather, it said, the action was appropriately classified and filed as, “Keystone Bank v. Teleology Nigeria Limited.”

For the avoidance of doubt, the statement said, no judgment was made against 9mobile and the attempt to link its corporate entity with a transaction by its minority shareholder, Teleology Nigeria Limited in its legal tussle with Keystone Bank, is false and maliciously misleading.

“9Mobile is under new ownership with a 95.5 per cent controlling stake in the business and has not been found liable for the action of its minority shareholder in the suit in question.

“Our business transformation programme has commenced and we are poised to reclaim our place in the market,” the statement said.