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Emerging Markets Telecommunication Services Limited, trading as 9Mobile, has announced the completion of a significant equity investment by LH Telecommunication Limited. The UK company now holds 95.5% of the 9Mobile’s equity.
RELATED: Obafemi Banigbe appointed CEO of 9mobile to lead business transformation
This change in ownership was approved by the Nigerian Communications Commission (NCC), and the Federal Competition and Consumer Protection Commission (FCCPC). The announcement also follows approval by African Export-Import Bank (AFREXIM), the senior lender to 9Mobile.
9Mobile struggles for business sustainability
The new investment aims to inject fresh capital into 9Mobile. This will enhance its plans for national digital infrastructure expansion, with a strong emphasis on the data market. Investment is coming after a period of struggle for business sustainability, marked by a decline in subscriber numbers.
According to the latest industry data, 9Mobile experienced a drop of 1.99 million subscribers in March 2024, leaving it with 11.7 million active subscriptions. 9Mobile accounted for over 60% of the 9,000 subscribers who switched to other networks in Q1 of 2024.
Investor nominates new board members, ratifies new management
Following the investment, LH Telecommunication Limited has nominated new members to 9Mobile’s board of directors, including Thomas Etuh, Nahim Abe Ibraheem, Femi Edun, and Senator Daisy Ehanire Danjuma. Others are Michael Ikpoki, Ibrahim Ajimasu Puri, Gloria Danjuma, and Emmanuel Etuh.
The new board has also ratified the appointment of a new management team, with Obafemi Banigbe as the managing director and CEO, John Vasikiran as the COO. Abolaji Idowu is now the CFO. This leadership overhaul is part of a broader transformation program aimed at reviving 9Mobile’s competitive position in the market.
