Another company has again acquired a majority stake in Emerging Markets Telecommunication Services Limited, the parent company of 9mobile.
In 2018, Teleology holdings limited completed the payment of $351 million, bided to take over ownership of the debt-ridden 9mobile telecommunications.
Recently, the company was involved in a scandal indebtedness of N55bn to Keystone Bank.
The latest company to attempt reviving the ailing telecoms operator is LH Telecoms Nigeria, a subsidiary of Light House Capital, which a statement from the company said has secured approval from the Nigerian Communications Commission and the Federal Competition and Consumer Protection Commission, that allows a new board to take over the struggling telecom operator.
The statement reads: “The investment, approved by the 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.”
Additionally, the UK firm has nominated diverse individuals to the board, including a former senator, Daisy Danjuma, Michael Ikpoki, Ibrahim Puri, Gloria Danjuma, and Emmanuel Etuh.
Obafemi Banigbe was appointed the Managing Director and Chief Executive Officer to lead the company through its transition phase and drive its recovery.
The new CEO, Banigbe, whose appointment was previously announced a few weeks ago, is expected to bring his extensive experience at the C-suite level and a profound understanding of the African business landscape.
The operator has faced customer attrition, losing subscribers from its peak of 22 million in October 2016 to just over 15 million in November 2018.
Six years later, the operator trails behind with 11.7 million voice subscribers and 3.3 million internet users, according to the National Bureau of Statistics Telecoms Data released early this month.
