Following the approvals of the Nigerian Communications Commission (NCC) and the Federal Competition and Consumer Protection Commission (FCCPC) as required by law, Emerging Markets Telecommunication Services Limited, operating under the trade name 9Mobile, has announced the completion of an equity investment by LH Telecommunication Limited.
The investment, which was approved by African Export Import Bank (AFREXIM), the senior lender to 9Mobile in May 2023, has resulted in a change in control of 9Mobile in favour of the new investor by the issuance of new shares amounting to 95.5 per cent of 9Mobile to the new investor in consideration for the injection of fresh capital into the company.
Pursuant to the injection of capital, the new investor has nominated new persons to the board of directors of 9Mobile. The appointees include the founder of the Tak Group of Companies, Thomas Etuh; chairman of Euronat Nigeria Limited, Nahim Abe Ibraheem and chairman of the board of Craneburg Construction Limited, Femi Edun.
Following the completion of the transaction, LH Telecommunication Limited has nominated the following new members to the board of directors of 9Mobile: the chairman of May & Baker Nigeria Plc, Senator Daisy Ehanire Danjuma; multinational business executive/leader, Michael Ikpoki; executive director with the United Bank for Africa (UBA), Ibrahim Ajimasu Puri; the current chairperson of NAL/Comet Group, Gloria Danjuma and executive director, Corporate Services at Lighthouse Capital, Emmanuel Etuh.
The new Board has also also ratified the appointment of the new management team led by Obafemi Banigbe as the managing director and chief executive officer of the company to lead the company through this transition stage and take it on the path of recovery.
Similarly, the Board has approved the appointment of John Vasikiran as the company’s chief operating officer and Abolaji Idowu as chief financial officer.
The reconstitution of the Board of Directors and the executive leadership of the company has brought the 9mobile transformation programme to a momentous phase in readiness to compete strongly in the market.
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