Emerging Markets Telecommunication Services Limited, operating under the trade name 9Mobile, says LH Telecommunication Limited has acquired a majority stake in the network provider.
In a statement on Sunday, the board of directors said the Nigerian Communications Commission and the Federal Competition and Consumer Protection Commission have approved the equity investment.
“The investment, which was approved by African Export-Import Bank , 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% of 9Mobile to the new investor in consideration for the injection of fresh capital into the company,” the board said.
The board said Obafemi Banigbe has been appointed as the managing director and chief executive officer to lead the company through the 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.
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