• Etuh, Danjuma, Edun, Ikpoki join team
Following approvals of the Nigerian Communications Commission (NCC) and the Federal Competition and Consumer Protection Commission (FCCPC) as required by law, Emerging Markets Telecommunication Services Limited, operating under the trade name 9Mobile, has announced 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 a 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 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. There is also Femi Edun, a financial services industry professional with over 35 years of 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, 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. Other members include Michael Ikpoki, a former Chief Executive Officer of MTN Ghana and MTN Nigeria; Ibrahim Ajimasu Puri, a finance professional; and Gloria Danjuma, a dynamic and result-oriented professional with a proven track record of leadership and strategic vision across multiple industries.
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 it through this transition stage and take it on the path of recovery.
