By 9mobile, also known as Emerging Markets Telecommunication Services Limited, has completed a major investment deal with LH Telecommunication Limited.
The investment was approved by the Nigerian Communications Commission (NCC) and the Federal Competition and Consumer Protection Commission (FCCPC), leading to a significant change in the ownership of 9mobile. LH Telecommunication now holds 95.5% of the company, following the injection of fresh capital.
As part of the deal, LH Telecommunication has appointed new board members to lead 9mobile forward. These include Thomas Etuh, founder of Tak Group of Companies, Nahim Abe Ibraheem, chairman of Euronat Nigeria Limited, Femi Edun, chairman of Craneburg Construction Limited, Senator Daisy Ehanire Danjuma, chairman of May & Baker Nigeria Plc, Michael Ikpoki, multinational business executive, Ibrahim Ajimasu Puri, executive director at United Bank for Africa (UBA), Gloria Danjuma, chairperson of NAL/Comet Group, and Emmanuel Etuh, executive director at Lighthouse Capital.
The new board also approved the appointment of Obafemi Banigbe as managing director and CEO, tasked with guiding 9mobile through its recovery phase. Additionally, John Vasikiran has been named Chief Operating Officer (COO) and Abolaji Idowu as Chief Financial Officer (CFO).
