A Nigerian court has upheld Econet Wireless' rights to own a 5 percent stake in Airtel Nigeria. The court declared null and void all actions and resolutions taken by Airtel Nigeria since October 2003, in which Econet Wireless should have had a say as shareholder but was prevented. This includes decisions to sell shares, issue shares and also transfer shares to third parties. The court also said the change of name from Econet Wireless Nigeria to Airtel Nigeria in 2003 was irregular and must be reversed. The Nigerian company had unilaterally cancelled the Econet Wireless stake in October 2003 because it had objected to the planned sale of the company to Celtel International, which was later bought by Zain and then Bharti Airtel. Airtel said in a statement that it has filed an appeal against the court decision. Operations should not be affected by the case, the mobile operator added.
