This article discusses LH Telecoms’ acquisition of a 95.5% stake in 9mobile, the new board appointments, and the implications for the company’s future in Nigeria’s competitive telecom market.
Points
- LH Telecoms acquires a 95.5% stake in 9mobile.
- New board and CEO appointed to lead the company.
- The acquisition aims to stabilize 9mobile and enhance its competitiveness.
LH Telecommunication Limited has acquired a 95.5% stake in Emerging Markets Telecommunication Services Limited, the parent company of struggling Nigerian telecoms service provider, 9mobile. The acquisition, approved by the African Export-Import Bank, marks a significant change in control, with the issuance of new shares amounting to 95.5% of 9mobile.
The new board, chaired by Thomas Etuh, includes Nahim Ibraheem and Femi Edun among other members. The board has ratified the appointment of Obafemi Banigbe as the Managing Director and CEO, along with John Vasikiran as the Chief Operating Officer and Abolaji Idowu as Chief Financial Officer.
Etuh is an experienced entrepreneur with over 36 years in various strategic sectors, including telecommunications, banking, and aviation. His leadership, along with the expertise of the new board members, is expected to bring stability to 9mobile, enabling it to compete more effectively in Nigeria’s highly competitive telecom market.
With over 11.7 million voice subscribers and 3.3 million internet users, 9mobile aims to reclaim its position among the top telecom providers in Nigeria. The new management team is focused on leading the company through this transition and driving its recovery.
解説
- LH Telecoms’ acquisition of 9mobile marks a strategic move to enhance the company’s competitiveness.
- The new board and management appointments bring extensive experience and expertise to 9mobile.
- The acquisition aims to stabilize 9mobile and improve its market position in Nigeria.
- Understanding the impact of such acquisitions can provide insights into the telecom industry’s dynamics and investment opportunities.