LH Telecomms Limited acquires majority stake 9mobile
By Oluwaseyi Lawal
LH Telecommunication Limited has acquired Nigeria’s Emerging Markets Telecommunication Services Limited, popularly known as 9Mobile.
In a statement released by the company on Sunday, it was noted that the Nigerian Communications Commission (NCC) and the Federal Competition and Consumer Protection Commission (FCCPC) had both approved the acquisition of the majority shares in the Nigerian telecom company, as mandated by law.
The investment, which received approval from the African Export-Import Bank (AFREXIM), 9Mobile’s senior lender, in May 2023, led to a change in control of 9Mobile. The new investor was granted 95.5% of 9Mobile’s shares in exchange for fresh capital injected into the company.
Following the capital injection, the new investor has appointed a new Board for the company. Thomas Etuh, an accomplished and versatile entrepreneur with over 36 years of experience in strategic sectors of the African economy, has been named the new Chairman of the 9Mobile Board. Other board members include Nahim Abe Ibraheem and Femi Edun.
LH Telecommunication Limited has also appointed Senator Daisy Ehanire Danjuma, Michael Ikpoki, Ibrahim Puri, Gloria Danjuma, and Emmanuel Etuh as new members of the board of directors for 9Mobile.
The new Board has approved the appointment of a new management team led by Obafemi Banigbe as the Managing Director and Chief Executive Officer to guide the company through this transition and steer it towards recovery. It is worth noting that 9Mobile recently announced Banigbe’s appointment as CEO.
This latest acquisition is expected to rejuvenate 9Mobile’s position in the telecom industry, following years of subscriber retention challenges.
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