NCC and FCCPC Approve New Management Board as 9Mobile Completes Strategic Equity Investment

NCC and FCCPC Approve New Management Board as 9Mobile Completes Strategic Equity Investment

Lagos, Nigeria –The Nigerian telecommunications landscape has witnessed a significant shift as the Nigerian Communications Commission (NCC) and the Federal Competition and Consumer Protection Commission (FCCPC) have jointly approved the reconstitution of the management board of 9Mobile Network. This development follows the completion of a major equity investment by LH Telecommunication Limited, signaling a new era for the mobile network operator.

In a statement signed by its board of directors, 9Mobile announced that the equity investment, approved by the African Export-Import Bank (AFREXIM) in May 2023, has resulted in a transformative change in the company’s ownership structure. The statement detailed that the issuance of new shares, amounting to 95.5 percent of 9Mobile’s total equity, has been allocated to LH Telecommunication Limited in exchange for a substantial injection of fresh capital into the company. This capital infusion is expected to play a critical role in stabilizing and revitalizing 9Mobile, which has faced challenges in recent years.

As part of this strategic investment, the new majority shareholder, LH Telecommunication Limited, has nominated a fresh board of directors to steer the company through its next phase of growth. The new board is led by Thomas Etuh, a seasoned entrepreneur with over 36 years of experience in key sectors across Africa. Etuh’s leadership is anticipated to bring a wealth of strategic insight and expertise to 9Mobile as it navigates its recovery and expansion.

Joining Etuh on the board are accomplished professionals Nahim Abe Ibraheem and Femi Edun, along with other nominees from LH Telecommunication Limited, including Daisy Ehanire Danjuma, Michael Ikpoki, Ibrahim Puri, Gloria Danjuma, and Emmanuel Etuh. This diverse and experienced group is expected to provide strong governance and strategic direction as 9Mobile seeks to regain its competitive edge in Nigeria’s highly dynamic telecommunications market.

In addition to the new board, the company has also confirmed the ratification of a new management team, tasked with driving 9Mobile’s transformation. Obafemi Banigbe, a telecoms industry veteran, has been appointed as the Managing Director and Chief Executive Officer (CEO). Banigbe brings a wealth of experience to the role, having held various leadership positions within the telecoms sector, both in Nigeria and internationally. His leadership will be crucial in steering 9Mobile through this critical period of transition and setting the company on a path to recovery and sustainable growth.

Supporting Banigbe in this effort are newly appointed Chief Operating Officer (COO) John Vasikiran and Chief Financial Officer (CFO) Abolaji Idowu. Both executives bring extensive expertise in operations and financial management, respectively, and are expected to play key roles in executing the company’s strategic initiatives and enhancing operational efficiency.

The reconstitution of 9Mobile’s board of directors and the appointment of a new executive leadership team mark a pivotal moment in the company’s ongoing transformation program. With a robust leadership structure now in place, 9Mobile is poised to strengthen its market position and compete more effectively in Nigeria’s highly competitive telecommunications industry.

The company’s new board has expressed confidence in the ability of the management team to lead 9Mobile through its recovery phase, emphasizing the importance of innovation, customer-centric services, and operational excellence as key drivers of future success.

As 9Mobile embarks on this new chapter, stakeholders and customers alike will be watching closely to see how the company leverages this fresh capital and leadership to deliver on its promises of enhanced services and stronger market performance.