Airtel loses Nigeria court case, may face $3 bn payou

Bharti Airtel has lost a court case in Nigeria and potentially faces $3 billion in payouts over a 5 per cent stake claimed by Econet Wireless in its Nigerian unit.

Bharti said it will appeal in Nigeria’s Supreme Court against the judgement of the court, which held that Econet Wireless remained a bona fide stakeholder in Airtel Nigeria, a unit of the Indian firm.

An Appeal Court in Lagos, in its judgement on February 14, said Airtel failed to get the rulings of two lower courts quashed over attempts by Econet Wireless to reacquire its stake in the company.

“Bharti Airtel, a 79.06 per cent shareholder in Airtel Networks, Nigeria (Airtel Nigeria) is not satisfied with the judgement of the Court of Appeal, Lagos… and will lodge an appeal against that decision at the Supreme Court of Nigeria,” Airtel said in a statement.