9mobile Takeover

A 9Mobile takeover has happened! The telecoms company professionally known as Emerging Markets Telecommunication Services Limited, has been taken over by LH Telecoms in a recent acquisition.

A statement released by the firm on Sunday states that the necessary approvals from the Nigerian Communications Commission (NCC) and the Federal Competition and Consumer Protection Commission (FCCPC) were obtained for the acquisition of majority shares in the Nigerian telecom company.

In May 2023, 9Mobile’s senior lender, the African Export Import Bank (AFREXIM), approved an investment that would give the new investor 95.5% of the company’s shares in exchange for the capital injection. This change of control puts the new investor in control of 9Mobile.

New Board

A new Board of Directors has been appointed by the newly nominated investor in response to the financial investment. The new Chairman of the 9mobile Board is Thomas Etuh, a successful and adaptable businessman with more than 36 years of expertise in key areas of the African economy. Femi Edun and Nahim Abe Ibraheem are two more members of the board of directors.

The following individuals have been proposed by LH Telecommunication Limited to join 9Mobile’s board of directors: Michael Ikpoki, Ibrahim Puri, Gloria Danjuma, and Emmanuel Etuh, in addition to Senator Daisy Ehanire Danjuma.

As part of its reorganization, the company’s new board of directors has approved the appointment of Obafemi Banigbe to the positions of managing director and chief executive officer. Banigbe will steer the company through its current transition and help it recover. It was just been announced that Banigbe has been appointed CEO of 9mobile.

What the 9mobile Takeover Means

After years of losing users, 9mobile is hoping to regain its footing in the telecom industry with its most recent acquisition.

Thanks to the investors’ infusion of new capital, 9mobile, which ranks as the country’s fourth-largest mobile network operator, may once again challenge market leaders Globacom, MTN, and Airtel.

As a result of steady customer attrition, 9mobile’s subscriber base dropped from nearly 20 million in March 2024 to 11.6 million.

As of March, the company’s market share was 5.3%, trailing behind MTN (37%), Airtel (29%), and Globacom (28%).

What You Should Know About the 9mobile Takeover

With the 9mobile takeover by LH Telecoms, the company, which formerly went by the name Etisalat, has now been bought twice.

After 9mobile’s previous owners defaulted on loans to banks, Teleology Nigeria Limited acquired the company in 2018. The bidding process was spearheaded by Barclays Africa and included the CBN, NCC, and thirteen Nigerian banks, including GT Bank, Zenith Bank, Access Bank, and others.

With the first payment of $50 million and the additional payment of $251 million as settlement to the banks that acquired the company, the acquisition process came to a close.

These funds, along with additional technical assessments and due diligence, allowed the NCC to approve the sale, and 9mobile was transferred to its new owners. The company rebranded itself from Etisalat to 9mobile and appointed His Royal Highness Prince Nasiru Ado Bayero as Chairman of the Board on November 12, 2018.

Since then, 9mobile’s board of directors and executive team have gone through multiple shakeups.

The new owners, LH Telecoms, are supposedly a Nigerian corporation, but little is known about them at the moment this piece is being written.

Frequently Asked Questions on LH Telecoms Has Taken Over 9mobile

1. Who bought 9mobile?

A: LH Telecoms acquired a majority stake in 9mobile.

2. Why was 9mobile acquired?

A: 9mobile was acquired due to financial challenges and the need for fresh capital to improve its operations.

3. When did the acquisition happen?

A: The acquisition was finalized in 2023 after receiving necessary approvals.

4. What will happen to 9mobile customers?

A: The new owners aim to improve services and customer experience for 9mobile subscribers.

5. Will 9mobile’s tariffs and plans change?

A: Possible changes in tariffs and plans cannot be confirmed at this time. It’s advisable to monitor 9mobile’s official channels for updates.

6. Will 9mobile’s network coverage improve?

A: The new investment is expected to lead to network upgrades and improved coverage.

7. Who are the owners of LH Telecoms?

A: Information about the owners of LH Telecoms is currently limited.

8. What are the plans for 9mobile under the new ownership?

A: The new owners aim to reposition 9mobile as a major player in the Nigerian telecom market.