9Mobile, the Nigerian mobile operator, has been acquired by LH Telecommunication Limited, a UK company.
According to a statement, the Nigerian Communications Commission and the Federal Competition and Consumer Protection Commission approved the acquisition of majority shares in the Nigerian telecom company in accordance with legislation.
The investment, which was approved by African Export Import Bank, 9Mobile’s senior lender, in May 2023, resulted in a change in control of 9Mobile in favour of the new investor through the issuance of new shares totaling 95.5% of 9Mobile in exchange for the injection of fresh capital into the company.
The new investor has appointed a new board of directors for the company. Thomas Etuh, a seasoned entrepreneur in the African market for over 36 years, has been appointed chairman of the 9mobile board. Other directors include Nahim Abe Ibraheem and Femi Edun.
“LH Telecommunication Limited has also nominated Senator Daisy Ehanire Danjuma, Michael Ikpoki, Ibrahim Puri, Gloria Danjuma, and Emmanuel Etuh as new members of the board of directors of 9Mobile,” the statement read.
The new board has also approved the appointment of a new management team led by Obafemi Banigbe as the company’s managing director and chief executive officer to guide the company through this transition period and put it on track for recovery.
9mobile, which formerly had over 20 million active subscribers, had only 11.6 million customers as of March 2024 due to constant client loss.
