Emerging Markets Telecommunication Services Limited, 9mobile has announced the completion of an equity investment by LH Telecommunication Limited and restructuring of its board.
This follows the approvals of the Nigerian Communications Commission and the Federal Competition and Consumer Protection Commission as required by law.
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 nominated the following persons to the board of directors of 9Mobile: Thomas Etuh as the chairman of the Board.
Also, Nahim Ibraheem, Femi Edun, Senator Daisy Danjuma, Michael Ikpoki, Ibrahim Puri, and Gloria Danjuma, Emmanuel Etuh joined the board.
The company said that “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 to lead the Company through this transition stage and take it on the path of recovery.
“He is an accomplished technology executive with a proven track record of steering technological innovations and strategic initiatives throughout various pivotal markets across Africa.”
9Mobile added that “Banigbe has over 24 years in the telecommunications industry and has worked in different capacities within the industry, including as Network Operations director in Airtel Nigeria, Chief Technology Officer in Millicom International Cellular Tanzania, Chief Operating Officer and interim chief executive officer of Millicom Ghana.
“He brings his deep technical knowledge and understanding of the telecommunications industry in Africa and proven leadership to the team.”
The Company stated further that the Board has approved the appointment of John Vasikiran as the company’s chief operating officer and Abolaji Idowu as chief financial officer.
It added that 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.
