Airtel to move Nigeria's apex court; loses case in lower court

Bharti Airtel has said that it will move the Supreme Court of Nigeria against a decision of the Court of Appeals in Lagos in a longstanding dispute with Econet Wireless over the ownership of the India telecom major's Nigerian unit.

According to media reports, the Court of Appeals in Lagos has ruled that an International Tribunal had acted properly while ordering that the sale of a 65% stake in the Nigerian business unit by Celtel Nigeria to Zain of Kuwait was null and void, as it did not follow proper procedures, like offering Econet Wireless the first right of refusal since it was a shareholder.

Bharti bought the Nigeria business of Zain in 2010 and inherited a legal battle which has been on since 2006 related to the Celtel-Zain deal.

Reports say, Airtel may face $3 bn payouts over a 5% stake claimed by Econet.