A new player, LH Telecommunication Limited has acquired a 95.5% stake in Emerging Markets Telecommunication Services Limited, the parent company of struggling Nigerian telecoms service provider, 9mobile. According to a statement by the company, the takeover was subject to regulatory approvals.
According to it, the acquisition, approved by the Nigerian Communications Commission and the Federal Competition and Consumer Protection Commission will enable the new investor in consideration to facilitate the. injection of fresh capital into the company. It will also allow the new owners to form a new board that will take over the operations of the struggling company.
“The investment, approved by the African Export-Import Bank, 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 per cent of 9mobile”, the statement said.
The company also announced the appointment of a new board that will be chaired by Thomas Etuh, with Nahim Ibraheem and Femi Edun joining as new members. The owners expressed optimism that the new board will bring stability to the company, enabling it to compete more effectively in Nigeria’s highly competitive telecom market.
Etuh is an accomplished and versatile entrepreneur with over 36 years of experience in strategic sectors of the African economy, including agriculture, fertiliser production, mining, banking, telecommunications, power and aviation. Among others, Etuh previously served as the Chairman of the Board of Directors of Unity Bank Plc, Veritas Kapital Assurance Plc and Lighthouse Capital Limited. He is currently the Chairman of the Board of Notore Chemicals Industries Plc.
Nahim Ibraheem has over 30 years of experience across finance, upstream and downstream oil trade, procurement, and manufacturing. He is the serving Chairman of Veritas Kapital Assurance PLC and Lighthouse Capital Limited. He is also a Non-Executive Director of the VFD Group and Veritas Glanvills Pensions Ltd.
Femi Edun is a financial services industry professional with over 35 years’ experience across assurance, consulting, credit ratings and research, investment banking and proprietary investment, from a variety of roles in Akintola Williams & Co (now Deloitte), Price Waterhouse, (now PricewaterhouseCoopers), Agusto & Co. Limited, Nigeria’s first credit rating agency and Frontier Capital Limited.
Other board members include former Nigerian Senator, Daisy Danjuma, Michael Ikpoki, Ibrahim Puri, Gloria Danjuma, and Emmanuel Etuh.
The new board has ratified the appointment of the new management team led by Obafemi Banigbe as the Managing Director and Chief Executive Officer of the Company to lead the Company through this transition stage and take it on the path of recovery.
“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,” the statement said.
Similarly, the Board has approved the appointment of John Vasikiran as the company’s Chief Operating Officer and Abolaji Idowu as Chief Financial Officer.
Recall that 9mobile, formerly known as Etisalat Nigeria, was acquired by Teleology Holdings in November 2018. After 6 turbulent years of ownership tussles, rapid leadership changes and financial hardship, the company has failed to make a significant comeback to the top-4 position that its predecessor occupied by Allure.’
Read also: After Months of Uncertainty, Teleology Holdings Finally Takes over the Reins at 9mobile
By March 2020, 9mobile had the lowest market share of 6.41% among all telcos in Nigeria. From over 15 million subscribers in 2018, the company now has 11.7 million voice subscribers and 3.3 million internet users, according to a recent National Bureau of Statistics Telecoms Data.
A new player, LH Telecommunication Limited has acquired a 95.5% stake in Emerging Markets Telecommunication Services Limited, the parent company of struggling Nigerian telecoms service provider, 9mobile. According to a statement by the company, the takeover was subject to regulatory approvals.
According to it, the acquisition, approved by the Nigerian Communications Commission and the Federal Competition and Consumer Protection Commission will enable the new investor in consideration to facilitate the. injection of fresh capital into the company. It will also allow the new owners to form a new board that will take over the operations of the struggling company.
“The investment, approved by the African Export-Import Bank, 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 per cent of 9mobile”, the statement said.
The company also announced the appointment of a new board that will be chaired by Thomas Etuh, with Nahim Ibraheem and Femi Edun joining as new members. The owners expressed optimism that the new board will bring stability to the company, enabling it to compete more effectively in Nigeria’s highly competitive telecom market.
Etuh is an accomplished and versatile entrepreneur with over 36 years of experience in strategic sectors of the African economy, including agriculture, fertiliser production, mining, banking, telecommunications, power and aviation. Among others, Etuh previously served as the Chairman of the Board of Directors of Unity Bank Plc, Veritas Kapital Assurance Plc and Lighthouse Capital Limited. He is currently the Chairman of the Board of Notore Chemicals Industries Plc.
Nahim Ibraheem has over 30 years of experience across finance, upstream and downstream oil trade, procurement, and manufacturing. He is the serving Chairman of Veritas Kapital Assurance PLC and Lighthouse Capital Limited. He is also a Non-Executive Director of the VFD Group and Veritas Glanvills Pensions Ltd.
Femi Edun is a financial services industry professional with over 35 years’ experience across assurance, consulting, credit ratings and research, investment banking and proprietary investment, from a variety of roles in Akintola Williams & Co (now Deloitte), Price Waterhouse, (now PricewaterhouseCoopers), Agusto & Co. Limited, Nigeria’s first credit rating agency and Frontier Capital Limited.
Other board members include former Nigerian Senator, Daisy Danjuma, Michael Ikpoki, Ibrahim Puri, Gloria Danjuma, and Emmanuel Etuh.
The new board has ratified the appointment of the new management team led by Obafemi Banigbe as the Managing Director and Chief Executive Officer of the Company to lead the Company through this transition stage and take it on the path of recovery.
“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,” the statement said.
Similarly, the Board has approved the appointment of John Vasikiran as the company’s Chief Operating Officer and Abolaji Idowu as Chief Financial Officer.
Recall that 9mobile, formerly known as Etisalat Nigeria, was acquired by Teleology Holdings in November 2018. After 6 turbulent years of ownership tussles, rapid leadership changes and financial hardship, the company has failed to make a significant comeback to the top-4 position that its predecessor occupied by Allure.’
Read also: After Months of Uncertainty, Teleology Holdings Finally Takes over the Reins at 9mobile
By March 2020, 9mobile had the lowest market share of 6.41% among all telcos in Nigeria. From over 15 million subscribers in 2018, the company now has 11.7 million voice subscribers and 3.3 million internet users, according to a recent National Bureau of Statistics Telecoms Data.
A new player, LH Telecommunication Limited has acquired a 95.5% stake in Emerging Markets Telecommunication Services Limited, the…
A new player, LH Telecommunication Limited has acquired a 95.5% stake in Emerging Markets Telecommunication Services Limited, the parent company of struggling Nigerian telecoms service provider, 9mobile. According to a statement by the company, the takeover was subject to regulatory approvals.
According to it, the acquisition, approved by the Nigerian Communications Commission and the Federal Competition and Consumer Protection Commission will enable the new investor in consideration to facilitate the. injection of fresh capital into the company. It will also allow the new owners to form a new board that will take over the operations of the struggling company.
“The investment, approved by the African Export-Import Bank, 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 per cent of 9mobile”, the statement said.
The company also announced the appointment of a new board that will be chaired by Thomas Etuh, with Nahim Ibraheem and Femi Edun joining as new members. The owners expressed optimism that the new board will bring stability to the company, enabling it to compete more effectively in Nigeria’s highly competitive telecom market.
Etuh is an accomplished and versatile entrepreneur with over 36 years of experience in strategic sectors of the African economy, including agriculture, fertiliser production, mining, banking, telecommunications, power and aviation. Among others, Etuh previously served as the Chairman of the Board of Directors of Unity Bank Plc, Veritas Kapital Assurance Plc and Lighthouse Capital Limited. He is currently the Chairman of the Board of Notore Chemicals Industries Plc.
Nahim Ibraheem has over 30 years of experience across finance, upstream and downstream oil trade, procurement, and manufacturing. He is the serving Chairman of Veritas Kapital Assurance PLC and Lighthouse Capital Limited. He is also a Non-Executive Director of the VFD Group and Veritas Glanvills Pensions Ltd.
Femi Edun is a financial services industry professional with over 35 years’ experience across assurance, consulting, credit ratings and research, investment banking and proprietary investment, from a variety of roles in Akintola Williams & Co (now Deloitte), Price Waterhouse, (now PricewaterhouseCoopers), Agusto & Co. Limited, Nigeria’s first credit rating agency and Frontier Capital Limited.
Other board members include former Nigerian Senator, Daisy Danjuma, Michael Ikpoki, Ibrahim Puri, Gloria Danjuma, and Emmanuel Etuh.
The new board has ratified the appointment of the new management team led by Obafemi Banigbe as the Managing Director and Chief Executive Officer of the Company to lead the Company through this transition stage and take it on the path of recovery.
“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,” the statement said.
Similarly, the Board has approved the appointment of John Vasikiran as the company’s Chief Operating Officer and Abolaji Idowu as Chief Financial Officer.
Recall that 9mobile, formerly known as Etisalat Nigeria, was acquired by Teleology Holdings in November 2018. After 6 turbulent years of ownership tussles, rapid leadership changes and financial hardship, the company has failed to make a significant comeback to the top-4 position that its predecessor occupied by Allure.’
Read also: After Months of Uncertainty, Teleology Holdings Finally Takes over the Reins at 9mobile
By March 2020, 9mobile had the lowest market share of 6.41% among all telcos in Nigeria. From over 15 million subscribers in 2018, the company now has 11.7 million voice subscribers and 3.3 million internet users, according to a recent National Bureau of Statistics Telecoms Data.
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