9mobile Reconstitutes Board as LH Telecoms Takes Majority Stake

Emerging Markets Telecommunication Services Limited, operating under the trade name 9Mobile, has completed an equity investment by LH Telecommunication Limited, resulting in a significant change in its control structure.

This development follows the approvals from the Nigerian Communications Commission, the Federal Competition and Consumer Protection Commission, and the African Export-Import Bank (AFREXIM), the senior lender to 9Mobile.

The transaction, which involved the issuance of new shares representing 95.5% of 9Mobile’s equity to LH Telecommunication Limited, brings a substantial injection of fresh capital aimed at driving the company’s growth and transformation.

Key Appointments to the Board

The new investment has ushered in a reconstitution of 9Mobile’s board of directors, featuring seasoned professionals with extensive experience across various sectors:

Thomas Etuh, an entrepreneur with over 36 years of experience, has been appointed Chairman of the Board. Etuh’s diverse expertise spans agriculture, telecommunications, banking, and aviation. He is the founder of the Tak Group of Companies and has held leadership roles in Unity Bank Plc, Veritas Kapital Assurance Plc, and Notore Chemicals Industries Plc.

Nahim Abe Ibraheem, with over 30 years in finance, oil trade, procurement, and manufacturing, joins the board. Ibraheem is the founder of Soveran Nigeria Limited and chairs Veritas Kapital Assurance PLC and Lighthouse Capital Limited.

Femi Edun, a financial services veteran with over 35 years of experience, brings his extensive knowledge from roles in Deloitte, PwC, Agusto & Co. Limited, and Frontier Capital Limited. Edun has also served as a non-executive director of the Bank of Industry.

Senator Daisy Ehanire Danjuma, a former Nigerian Senator and executive leader, joins the board with her rich background in law, politics, and corporate governance. Danjuma has held significant roles at SAPETRO, May & Baker Nigeria Plc, and several non-profits.

Michael Ikpoki, a former CEO of MTN Ghana and MTN Nigeria, adds his telecom industry expertise to the board. Ikpoki is the founder of Africa Context Advisory Partners and serves on several other boards, including Telecel Group and Unilever Nigeria Plc.

Ibrahim Puri, with three decades of banking experience, joins the board. Puri has held executive roles at United Bank for Africa and serves on the boards of Nigeria Breweries Plc and Redtech Limited.

Gloria Danjuma, with over 20 years of leadership across multiple industries, is appointed to the board. Danjuma is the chairperson of NAL/Comet Group and Unitrust Insurance Limited.

Emmanuel Etuh, a law, finance, and operations expert, joins the board. Etuh is the Executive Director, Corporate Services at Lighthouse Capital and serves on the boards of Veritas Kapital Assurance Plc and Tak Agro & Chemicals Limited.

New Management Team

The new board has ratified the appointment of a new management team to lead 9Mobile through its transformation:

Obafemi Banigbe has been appointed Managing Director and Chief Executive Officer. Banigbe, with over 24 years in the telecommunications industry, has held senior roles at Airtel Nigeria and Millicom International Cellular.

John Vasikiran joins as Chief Operating Officer. Vasikiran brings over 25 years of strategic and operational leadership experience from his tenure at Glo Nigeria, Glo Ghana, and Cellcom (Orange).

Abolaji Idowu has been named Chief Financial Officer. Idowu’s career spans over 20 years in finance roles at Vodafone, Telefonica O2, MTN Nigeria, and other major corporations.

The reconstitution of the board and executive leadership marks a pivotal phase in 9Mobile’s transformation program, positioning the company to compete robustly in the telecommunications market.

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