In a groundbreaking move, LH Telecommunication Limited has successfully acquired a 95.5% stake in Emerging Markets Telecommunication Services Limited, the parent company of Nigeria’s struggling telecoms provider, 9mobile. The acquisition, subject to regulatory approvals from the Nigerian Communications Commission and the Federal Competition and Consumer Protection Commission, paves the way for a significant transformation.
Facilitating Fresh Capital Injection
LH Telecoms disclosed that the approved acquisition will enable the injection of fresh capital into the company, offering a lifeline for 9mobile. This development signifies a pivotal moment for the telecom industry in Nigeria.
New Board and Leadership
Following the acquisition, LH Telecoms has moved swiftly to establish a new board, signaling a fresh start for 9mobile. Thomas Etuh, an accomplished entrepreneur with extensive experience in various sectors, will chair the new board. Joining him are Nahim Ibraheem, a seasoned professional with a background in finance, oil trade, and manufacturing, and Femi Edun, a veteran in the financial services industry.
Optimism for the Future
The new board members, including notable figures such as former Nigerian Senator Daisy Danjuma, Michael Ikpoki, Ibrahim Puri, Gloria Danjuma, and Emmanuel Etuh, bring a wealth of expertise to the table. The investors expressed optimism that the restructured leadership will bring stability and enable 9mobile to compete more effectively in Nigeria’s fiercely competitive telecom market.
This move sets the stage for a revitalized 9mobile under the guidance of a seasoned leadership team, emphasizing the potential for significant industry impact.