The acquisition follows the approvals of the Nigerian Communications Commission (NCC) and the Federal Competition and Consumer Protection Commission (FCCPC) as required by law.
The mobile network operator Emerging Markets Telecommunications Limited, popularly known as 9Mobile, on Sunday, announced the completion of an equity investment by LH Telecommunication Limited.
The company, in a statement signed by its board of directors, said the acquisition follows the approvals of the Nigerian Communications Commission (NCC) and the Federal Competition and Consumer Protection Commission (FCCPC) 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," the board said.
Under the injection of capital, according to the statement, the new investor nominated a new board of directors.
An accomplished and versatile entrepreneur with over 36 years of experience in strategic sectors of the African economy, Thomas Etuh has been named the new Chairman of the 9mobile Board. Other directors on the Board include Nahim Abe Ibraheem and Femi Edun.
LH Telecommunication Limited also nominated Daisy Ehanire Danjuma, Michael Ikpoki, Ibrahim Puri, Gloria Danjuma, and Emmanuel Etuh as new members of the board of directors of 9Mobile.
It explained that the new board has 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, it said, 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," the statement said.
