Emerging Markets Telecommunication Services Limited, known as 9Mobile, has been acquired by LH Telecommunication Limited. The acquisition, approved by the Nigerian Communications Commission (NCC) and the Federal Competition and Consumer Protection Commission (FCCPC), marks a significant shift in control of the Nigerian telecom company.
The deal, which involved the issuance of new shares representing 95.5% of 9Mobile to LH Telecommunication, was endorsed by the African Export Import Bank (AFREXIM) in May 2023. This investment has led to the overhaul of 9Mobile’s board and management.
Thomas Etuh, a seasoned entrepreneur with over 36 years of experience in African economic sectors, has been appointed Chairman of the new 9Mobile Board. Joining him are Nahim Abe Ibraheem and Femi Edun, with Senator Daisy Ehanire Danjuma, Michael Ikpoki, Ibrahim Puri, Gloria Danjuma, and Emmanuel Etuh also named as board members.
The new management team, led by Obafemi Banigbe as Managing Director and Chief Executive Officer, has been tasked with steering the company through its recovery phase. This follows 9Mobile’s recent announcement of Banigbe’s appointment as CEO.
