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LH Telecoms Takes Majority Stake in 9Mobile as Etuh, Danjuma, Edun, Others Join Board
Emmanuel Addeh in Abuja
Emerging Markets Telecommunication Services Limited, operating under the trade name 9Mobile, yesterday announced the completion of an equity investment by LH Telecommunication Limited.
In a statement, the company said that this followed 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, it said, 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, the statement said, nominated Thomas Etuh as the Chairman of the Board.
The statement said that Etuh is an accomplished and versatile entrepreneur with over 36 years of experience in strategic sectors of the African economy, including agriculture, fertiliser production, mining, banking, telecommunications, power and aviation.
Among others, Etuh previously served as the Chairman of the Board of Directors of Unity Bank Plc, Veritas Kapital Assurance Plc and Lighthouse Capital Limited. He is currently the Chairman of the Board of Notore Chemicals Industries Plc.
Also appointed as director was Nahim Ibraheem, who the statement said has over 30 years of experience across finance, upstream and downstream oil trade, procurement, and manufacturing.
Beginning his career at Orbit Communications in 1990, he founded Soveran Nigeria Limited, a specialty procurement and petroleum product distribution company, in 1995.
Besides several other qualifications, as Chairman of Euronat Nigeria Limited, Ibraheem, it said, has overseen major oil product exports from the NLNG and NNPC.
His notable roles include representing VShips Monaco S.A in Nigeria and advising Africa Merchant Bank ( a Fortis Bank Subsidiary) and Société Générale Bank France.
Ibraheem serves as Chairman of the Boards of Veritas Kapital Assurance PLC and Lighthouse Capital Limited, as well as a Non-Executive Director of the VFD Group and Veritas Glanvills Pensions Ltd.
In the same vein, Femi Edun is 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.
He is the Chairman of the board of Craneburg Construction Limited, independent non-executive director of Chevron Closed Pension Fund Administrators Limited and non-executive director of Notore Chemical Industries Plc and Agusto & Co. Limited amongst others.
Also, following the completion of the transaction, LH Telecommunication Limited has nominated Senator Daisy Ehanire Danjuma, Michael Ikpoki, Ibrahim Puri, Gloria Danjuma, Emmanuel Etuh as directors.
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.
“Obafemi is an accomplished technology executive with proven track record of steering technological innovations and strategic initiatives throughout various pivotal markets across Africa.
“He 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,” the statement said.
Similarly, the Board has approved the appointment of John Vasikiran as the company’s Chief Operating Officer and Abolaji Idowu as Chief Financial Officer, with years of experience and unassailable qualifications.
The reconstitution of the Board of Directors and the Executive leadership of the company, 9Mobile said, has brought the company’s transformation programme to a momentous phase in readiness to compete strongly in the market.
