Business
Businessman asks court to nullify acquistion of 9Mobile by LH Telecoms
A businessman, Abubakar Isa has asked a Federal High Court in the Federal Capital Territory, FCT, Abuja, to nullify the acquistion of Emerging Markets Telecommunication Services Ltd, operating under the trade name 9Mobile by LH Telecommunication Ltd in 2024.
Isa made the demand in a suit he filed before the court against LH Telecoms, 9Mobile and seven others over alleged mismanagement of his 43 million shares in Teleology Nigeria Ltd, the former majority shareholders of 9Mobile.
Other defendants in the suit marked as FHC/ABJ/CS/1971/2024 are: Seltrix Ltd, Hayatu Hadejia, Mohammed Edewor, Corporate Affairs Commission, CAC, Nigerian Communications Commission, NCC, and General Theophilus Danjuma.
In his statement of claims, Isa averred that sometime in 2018 when Teleology was undergoing restructuring and reorganisation for the acquistion of 9Mobile, he mandated Seltrix as his trustee to acquire 25million shares later increase to 43million ordinary shares in the capital of the telecom firm.
With his 43million acquired shares, Isa averred that Seltrix bacame a majority shareholder in the restructured Teleology while Diama Telecoms Africa held 30million shares, Diama Telecoms Nig, 20million shares, Mohammed Edewor 5million shares and Teleology 2million shares.
The businessman further averred that sometime in 2022, Seltrix acting through its director and majority shareholder, Hadejia purportedly executed a deed of surrender, surrending all its 43million shares to Teleology.
Following the alleged share surrender which he claimed was neither approved by him nor other core investors, Isa averred that Teleology relying on the new shareholding structure which was subsequently registered with CAC, eventually acquired 9Mobile and proceeded replace the representatives of Seltrix from its Board of Directors.
Isa further claimed that Teleology went ahead to further approve a new share structure for 9Mobile with the creation of 1.91billion ordinary shares of one naira each which was later passed on to LH Telecoms as the new majority shareholder.
The plaintiff averred that despite the flurry of objections by other investors including the then chairman of 9Mobile, Alhaji Ado Bayero, over non compliance with licencing regulations in transferring and changing of ownership, the NCC went ahead to approved the acquistion of 9Mobile by LH Telecoms.
Isa is asking the court to amongst other prayers, set aside the purported consent given by Teleology to 9Mobile for LH Telecoms to make investment in the company.
His other prayers include; “A declaration that the acquisition of 43million ordinary shares purportedly transferred or surrendered to Teleology in breach of Seltrix duty as Trustee of the Plaintiff and in contravention of clause 48 of the Memorrandum and Articles of Association of Seltrix, is null, void and of no effect.
” A declaration that the purported registration of the transfer by way of surrender /gift of 43million ordinary shares held by Selftrix in the capital of Teleology is unlawful, null and void.
“An order for the rectification of the Register of Members of Teleology to include the Plaintiff as owner of 43million ordinary shares held by Seltrix Ltd in trust for the Plaintiff.
” An order setting aside the porported ordinary resolution of the shareholders of Teleology dated July 22, 2022 and its subsequent filing with CAC for being invalid, null and void.
“An order setting aside the approval in principle granted by NCC to 9Mobile for the transfer of its ownership and control from Teleology to LH Telecoms same being in contravention of regulations 42 and 43, 2019 and illegal, null and void.
” The sum of N100billion jointly and severally as general damages against the defendants. “
Business
Ghana’s inflation rises to 23.8% — highest in eight months
Ghana’s consumer inflation rate rose for the fourth consecutive month to 23.8 percent in December 2024.
Samuel Kobina Annim, government statistician at the Ghana Statistical Service (GSS), announced the figure to journalists in Accra on Wednesday.
Ghana’s inflation rate started rising in September last year, when it rose to 21.5 percent, then climbed further to 22.1 percent in October and 23 percent in November.
Annim said the inflation rate recorded at the end of last year was the highest in eight months.
“The rate of inflation… is the third highest in the last 13 months and highest in the last eight months,” Annim said.
Also, food inflation saw a significant jump, rising from 25.9 percent in November to 27.8 percent in December.
Annim attributed the increase to the contributions from specific food items, such as yams, showing drastic year-on-year price hikes of 63.3 percent.
He also highlighted the need for a dual approach to tackling inflation, addressing both monetary and real-sector issues.
“We do emphasise that there are two perspectives in addressing inflation. One is the monetary side… and the other is the real side, with what we’ve seen with food inflation, more particularly the food that we consume, that are locally produced,” he added.
Annim urged policymakers to focus on production, value chains, transportation, warehousing, and reducing post-harvest losses to stabilise food prices.
“Policymakers put in diverse interventions, rather than focusing on, let’s say, only exchange rate or focusing on just some selected items that do not cover the variety of food items that influence food prices,” he said.
Business
Governor Sanwo-olu signs N3.366trn 2025 budget
Lagos State Governor, Babajide Sanwo-Olu, on Thursday, signed the 2025 appropriation bill into law.
The Special Adviser on Media and Publicity to the Governor, Gboyega Akosile, made this known in a post on his X handle.
He said the budget size is N3.366 trillion meant for the continuation of the great works of the Sanwo-Olu administration.
Business
Italy extends work visa for skilled workers for 2025
Italy is taking steps to address its significant shortage of skilled workers by keeping its Work Visa for Highly Qualified Workers program open for 2025.
The country, which is known for its rich culture, food, and history, has faced increasing demand in sectors such as IT, healthcare, and green energy.
These industries are crucial to Italy’s economic growth, and the government is working to meet these demands by attracting foreign talent.
Italy is making considerable efforts to improve its labour market by introducing a series of policy changes to simplify the visa application process, DAAD Scholarship reports. The country’s Work Visa program is designed to bridge the gap between the available talent and the growing need for highly skilled workers.
Italy’s work visa aims to address skill shortages
The Work Visa for Highly Qualified Workers aims to address the skill shortages in key sectors, including information and communication technology (ICT), healthcare, and renewable energy. By opening its doors to foreign professionals, Italy hopes to fill critical positions that are difficult to staff with local workers.
This program is expected to boost the economy by bringing in skilled professionals who can contribute to sectors vital to Italy’s long-term economic stability.
The visa allows skilled workers to live and work in Italy while helping the country meet its industrial needs. In 2025, the visa is seen as a way to attract experts from around the world who can fill gaps in sectors where there is a high demand for specialized knowledge and experience.
Key changes to Italy’s work visa policies for 2025
Significant changes have been made to the Italian Work Visa policies to streamline the application process and ensure faster processing times. One of the major updates is the increase in quotas for non-EU workers.
- Last year, the Italian government raised the quota for work permits from 151,000 to 165,000. This adjustment reflects the increasing need for foreign workers across multiple sectors.
- Another notable change is the introduction of digital processes to simplify the visa application. By March 2024, the Italian government implemented digital contracts and the use of certified email (PEC), which have reduced the need for in-person visits to immigration offices.
- In July 2024, Italy also revised its EU Blue Card requirements, lowering the minimum work contract duration from 12 months to six months. Additionally, the salary threshold was adjusted to fall between 1 and 1.6 times the average gross salary in Italy.
The introduction of sector-specific permits for healthcare roles also occurred in October 2024. An additional 10,000 permits were introduced for family and social healthcare assistance positions to meet the growing demand in the healthcare sector.
Streamlined application process for 2025 work visa
The new application process for the Work Visa for Highly Qualified Workers in 2025 is designed to be faster and more accessible. The digital system allows employers to pre-fill applications for their workers, saving time and reducing paperwork.
The application process is simplified, with designated “click days” for submission, including February 5th, 7th, and 12th, 2025, depending on the applicant’s category, reports inform.
Once an application is submitted, both the employer and the applicant will be notified of the decision within a specified timeframe. Digital contracts and integration agreements also reduce the need for physical paperwork, further speeding up the process.
High-demand sectors for Italy’s work visa program
The Italian Work Visa for Highly Qualified Workers targets skilled professionals in several key sectors. These include:
- ICT: Software developers, data analysts, AI specialists, and cybersecurity experts are highly sought after.
- Healthcare: Nurses, physiotherapists, caregivers, and healthcare assistants are in demand.
- Green Energy: Engineers focused on renewable energy are needed to help Italy meet sustainability goals.
- Construction: Skilled laborers, engineers, and project managers are sought to address Italy’s infrastructure needs.
- Hospitality: Chefs, hotel managers, and tourism professionals are needed to support Italy’s vibrant tourism industry.
Where to find jobs with visa sponsorship in Italy
For those looking to apply for the Work Visa for Highly Qualified Workers, several job portals can help candidates find employment in Italy. Some popular websites where job seekers can find roles with visa sponsorship include:
The program offers a valuable opportunity for professionals in high-demand sectors to contribute to Italy’s economy and enjoy living in one of Europe’s most attractive countries.
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