LH acquires majority stake in 9mobile, reeconstitutes board
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- LH acquires majority stake in 9mobile, reeconstitutes board
By Upfrontdigital News
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By Favour Unukaso
Following the approvals of the Nigerian Communications Commission and the Federal Competition and Consumer Protection Commission as required by law, Emerging Markets Telecommunication Services Limited, operating under the trade name 9Mobile, is pleased to announce 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.
According to statement, yesterday, the telecommunications firm, said 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. He is an accomplished and versatile entrepreneur with over 36 years of experience in strategic sectors of the African economy, including agriculture, fertilizer production, mining, banking, telecommunications, power and aviation.
The board also nominated Nahim Abe Ibraheem, who has over 30 years of experience across finance, upstream and downstream oil trade, procurement, and manufacturing. He began his career at Orbit Communications in 1990 and founded Soveran Nigeria Limited, a specialty procurement and petroleum product distribution company, in 1995.
There is also Femi Edun, a financial services industry professional with over 35 years’ experience across assurance, consulting, credit ratings and research, investment banking and proprietary investment, from a variety of roles in Akintola Williams & Co (now Deloitte), Price Waterhouse, (now PricewaterhouseCoopers), Agusto & Co. Limited, Nigeria’s first credit rating agency and Frontier Capital Limited.
The statement also revealed that following the completion of the transaction, LH Telecommunication Limited nominated the following new members to the board of directors of 9Mobile, Senator Daisy Ehanire Danjuma. She was elected as a Senator of the Federal Republic of Nigeria in 2003 where she served on numerous committees, most notably as Chairman of the ECOWAS Parliament’s Women and Children’s Rights Committee and Chairman Senate Committee on Women Affairs and Youth Development. Other members of
Other members include Michael Ikpoki, a former Chief Executive Officer of MTN Ghana and MTN Nigeria. He is Founder/Managing Partner of Africa Context Advisory Partners where he leads expert teams to consult on Telecom/ICT in Africa.
There is also Ibrahim Ajimasu Puri. He is a finance professional, who possesses over 30 years of cognate banking experience encompassing operations, marketing, retail, corporate banking, and human resource management.
The board also named Gloria Danjuma, a dynamic and result-oriented professional with a proven track record of leadership and strategic vision across multiple industries.
Emmanuel Etuh is a professional and business executive whose experience covers law, finance and operations across diverse industries. He currently serves as Executive Director, Corporate Services at Lighthouse Capital, overseeing the operational aspects of the business, including investments, client service, risk and technology.
The new Board, according to the statement, 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. Obafemi is an accomplished technology executive with proven track record of steering technological innovations and strategic initiatives throughout various pivotal markets across Africa.