In an action filed on behalf of Keystone by the WOC team, a Federal High Court, sitting in Lagos on 12 July, 2024, has ordered Teleology Nigeria Limited, owners of 9Mobile Network, to pay the sum of Fifty-five billion Naira, Seven Hundred and Seventy-six Million, Five Hundred and Seven Thousand, Five Hundred and Nine Naira, Sixty Kobo, being owed to Keystone Bank Limited over alleged failure to service over Teleology Nigeria Limited’s failure to service the loan facility while conducting business as 9Mobile Network.
According to the Olanipekun, “rather than receive payment on the defendant’s debt liabilities, the plaintiff received a presentation from a company called PAC Limited proposing, amongst others, a debt sale and/or acquisition by Bankruptcy Remote Special Purpose Vehicle in a proposed transaction structure akin to a conversion of the debt to equity without any immediate downpayment or repayment of the outstanding huge indebtedness of the defendant.”
While holding that the defendant had no defence to the action, Justice Bogoro entered judgement in favour of the Keystone Bank, ordering Teleology to pay the sum of Fifty-five Billion Naira, Seven Hundred and Seventy-six Million, Five Hundred and Seven Thousand, Five Hundred and Nine Naira, Sixty Kobo, being the outstanding debt from the loan facilities granted to the defendant.