Emerging Markets Telecommunication Services Limited, operating under the trade name 9Mobile, says LH Telecommunication Limited has acquired a majority stake in the network provider.
In a statement on Sunday, the board of directors said the Nigerian Communications Commission (NCC) and the Federal Competition and Consumer Protection Commission (FCCPC) have approved the equity investment.
The company said LH Telecommunication acquired 95.5 percent of 9Mobile, leading to a change in control of 9Mobile.
“The investment, which was approved by African Export-Import Bank (AFREXIM), the senior lender to 9Mobile in May 2023 has resulted in a change in control of 9Mobile in favour of the new investor by the issuance of new shares amounting to 95.5% of 9Mobile to the new investor in consideration for the injection of fresh capital into the company,” the board said.
According to the statement, following the acquisition, the new investor nominated Thomas Etuh as chairman of the board, while Nahim Abe Ibraheem and Femi Edun were also appointed to the board.
LH Telecommunication also nominated Daisy Ehanire Danjuma, a former senator, Michael Ikpoki, Ibrahim Puri, Gloria Danjuma, and Emmanuel Etuh, to the board.
The board said Obafemi Banigbe has been appointed as the managing director (MD) and chief executive officer (CEO) to lead the company through the transition stage and take it on the path of recovery.
“Obafemi is an accomplished technology executive with proven track record of steering technological innovations and strategic initiatives throughout various pivotal markets across Africa.
“He has over 24 years in the telecommunications industry and has worked in different capacities within the industry, including as Network Operations director in Airtel Nigeria, Chief Technology Officer in Millicom International Cellular Tanzania, Chief Operating Officer and interim Chief Executive Officer of Millicom Ghana.”
According to the board, Obafemi brings his deep technical knowledge and understanding of the telecommunications industry in Africa and proven leadership to the team.
“The reconstitution of the Board of Directors and the Executive leadership of the company has brought the 9mobile transformation programme to a momentous phase in readiness to compete strongly in the market,” the company said.
The board also said John Vasikiran has been appointed as the company’s chief operating officer and Abolaji Idowu as chief financial officer.
