UK-based telecommunications company, LH Telecoms Limited, has acquired a majority stake in Nigeria’s 9Mobile. This acquisition, approved by the Nigerian Communications Commission (NCC) and the Federal Competition and Consumer Protection Commission (FCCPC), was facilitated by a significant capital injection from LH Telecoms, which now holds 95.5% of 9Mobile’s shares. The African Export-Import Bank (AFREXIM), 9Mobile’s main lender, approved the investment.
With this change in ownership, 9Mobile has appointed a new board of directors. Obafemi Banigbe takes the helm as Managing Director and CEO, while Thomas Etuh, an experienced leader in telecommunications, agriculture, and banking, assumes the role of Chairman of the Board. The new board also includes professionals with expertise in finance, telecommunications, and leadership across various sectors.
This leadership overhaul aims to steer 9Mobile through a crucial period of transition and recovery, focusing on enhancing its market position. This move follows earlier discussions between MTN Nigeria and 9Mobile about a potential spectrum acquisition, which raised concerns about a possible monopoly in the telecommunications sector. Recently, 9Mobile reported a significant loss of subscribers, further highlighting the company’s challenges as it seeks to stabilize and grow under new management.
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