9Mobile, one of Nigeria’s major telecom operators, has undergone a significant change in ownership and leadership. LH Telecommunication Limited has acquired a majority stake in the company, with the Nigerian Communications Commission (NCC) and the Federal Competition and Consumer Protection Commission (FCCPC) approving the equity investment.
The acquisition, which was approved by the African Export-Import Bank (AFREXIM) in May 2023, has resulted in LH Telecommunication Limited acquiring 95.5% of 9Mobile’s shares. This change in control has led to the appointment of a new board of directors and executive leadership team to steer the company’s transformation and recovery efforts.
Thomas Etuh, an accomplished entrepreneur with over 36 years of experience in various sectors of the African economy, has been named the new Chairman of the 9Mobile Board. Other board members include Nahim Abe Ibraheem, Femi Edun, Senator Daisy Ehanire Danjuma, Michael Ikpoki, Ibrahim Puri, Gloria Danjuma, and Emmanuel Etuh.
The new board has also ratified the appointment of Obafemi Banigbe as the Managing Director and Chief Executive Officer of 9Mobile. Banigbe is an experienced technology executive with a proven track record of driving technological innovations and strategic initiatives across various markets in Africa.
The reconstitution of the board and executive leadership is expected to bring 9Mobile’s transformation programme to a critical phase, positioning the company to compete strongly in the market. The new management team, led by Banigbe, will be responsible for leading the company through the transition stage and charting a path towards recovery and growth.
The acquisition of 9Mobile by LH Telecommunication Limited comes at a time when the company has been facing challenges. Since Etisalat Abu Dhabi, United Arab Emirates, exited the Nigerian market in 2017 due to a $1.2 billion loan crisis, 9Mobile has struggled to invest in its network, leading to poor network reception for subscribers. The company’s subscriber base has fallen from 16.96 million in December 2017 to 11.66 million in January 2024.
The entry of LH Telecommunication Limited as the new majority shareholder is expected to inject fresh capital into 9Mobile, enabling the company to invest in its network infrastructure and improve service quality for its subscribers. The move is also expected to intensify competition in the Nigerian telecom industry, where MTN, Airtel, and Glo have been the major players.
The acquisition of 9Mobile by LH Telecommunication Limited marks a significant turning point for the company. The appointment of a new board of directors and executive leadership team, along with the injection of fresh capital, is expected to drive 9Mobile’s transformation and recovery efforts, ultimately benefiting its subscribers and the Nigerian telecom industry as a whole.
