Close Menu

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Atiku, Mark, Lamido, Ikimi Hold Crucial Meeting In Abuja

    July 1, 2025

    Ibadan Poly Students Protest Renaming Of Institution After Olunloyo

    July 1, 2025

    Saudi Club, Al Hilal Eliminates Man City In Club World Cup Thriller

    July 1, 2025
    Facebook X (Twitter) Instagram
    Trending
    • Atiku, Mark, Lamido, Ikimi Hold Crucial Meeting In Abuja
    • Ibadan Poly Students Protest Renaming Of Institution After Olunloyo
    • Saudi Club, Al Hilal Eliminates Man City In Club World Cup Thriller
    • 2027: I Will Comply With One Term Agreement, Peter Obi Tells Supporters
    • FirstBank Launches Advanced Facial Recognition On Mobile App
    • Presidency to Obi: Tinubu Not In Saint Lucia For Vacation
    • Kano Governor Leads Delegation To Saudi For Dantata’s Burial
    • Ganduje Resigns As APC National Chairman
    Facebook X (Twitter) Instagram
    TheScrutinyNG
    Subscribe
    Tuesday, July 1
    • Home
    • Politics
    • Business
    • News
      • World News
    • Sports
    • Interviews
    • Opinion
    • Entertainment
    • Columnists
    • ABOUT US
    TheScrutinyNG
    Home » UK Firm LH Telecommunication Acquires Majority Stake In 9mobile
    2 Mins ReadJuly 28, 2024

    UK Firm LH Telecommunication Acquires Majority Stake In 9mobile

    By Samuel AkpenpuunJuly 28, 2024No Comments2 Mins Read
    Share Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    A UK-based company, LH Telecommunication Limited, has acquired a majority stake in Emerging Markets Telecommunication Services Limited, the parent company of 9mobile.

    According to a statement on Sunday by the company, the acquisition, approved by the Nigerian Communications Commission and the Federal Competition and Consumer Protection Commission, allows a new board to take over the struggling telecom operator.

    Although the deal’s financial terms were not disclosed, the company indicated that the takeover is subject to regulatory approvals.

    “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,” the board said.

    The new ownership structure is expected to bring stability and fresh investment to the company, enabling it to compete more effectively in Nigeria’s highly competitive telecom market.

    The new board will be chaired by Thomas Etuh, with Nahim Ibraheem and Femi Edun joining as new members.

    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.

    9mobile, formerly known as Etisalat Nigeria, was acquired by Teleology Holdings with high hopes of turning it around but has continued to struggle in the Nigerian market.

    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.

    Author

    • Samuel Akpenpuun
      Samuel Akpenpuun

      View all posts
    9mobile
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Samuel Akpenpuun

    Related Posts

    Banking & Finance

    FirstBank Launches Advanced Facial Recognition On Mobile App

    June 30, 2025
    Breaking News

    Tinubu Signs Four Landmark Tax Reform Bills Into Law

    June 26, 2025
    Breaking News

    Multichoice Slashes DStv Decoder Price By 50 Percent

    June 25, 2025
    Aviation

    FCCPC Invites Air Peace Over Failure To Refund Fares For Canceled Flights

    June 16, 2025
    Business

    May & Baker Posts N28.9bn Revenue, N1.6bn PAT

    June 6, 2025
    Banking & Finance

    Access ARM Pensions Posts N28.2bn Revenue

    June 2, 2025

    Subscribe to News

    Get the latest sports news from NewsSite about world, sports and politics.

    Editor's Picks

    Atiku, Mark, Lamido, Ikimi Hold Crucial Meeting In Abuja

    July 1, 2025

    Ibadan Poly Students Protest Renaming Of Institution After Olunloyo

    July 1, 2025

    Saudi Club, Al Hilal Eliminates Man City In Club World Cup Thriller

    July 1, 2025

    2027: I Will Comply With One Term Agreement, Peter Obi Tells Supporters

    June 30, 2025
    Latest Posts
    Advertisement
    Facebook X (Twitter) Pinterest Vimeo WhatsApp TikTok Instagram

    News

    • World
    • US Politics
    • EU Politics
    • Business
    • Opinions
    • Connections
    • Science

    Company

    • Information
    • Advertising
    • Classified Ads
    • Contact Info
    • Do Not Sell Data
    • GDPR Policy
    • Media Kits

    Services

    • Subscriptions
    • Customer Support
    • Bulk Packages
    • Newsletters
    • Sponsored News
    • Work With Us

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    © 2025 The Scrutiny. Designed by Design Streams.

    • Privacy Policy
    • Terms
    • Accessibility

    Type above and press Enter to search. Press Esc to cancel.