9mobile’s parent company, Emerging Markets Telecommunication Services Limited (EMTS), has seen a majority interest acquisition by LH Telecoms Nigeria, a division of Light House Capital.
The acquisition, which was authorised by the Federal Competition and Consumer Protection Commission and the Nigerian Communications Commission, enables a new board to take over the faltering telecom operator, the company said in a statement on Sunday.
The financial details of the deal were not made public, but the company did say that regulatory approvals are a must for the buyout.
The UK company has also nominated a varied group of people to the board, such as Emmanuel Etuh, Michael Ikpoki, Ibrahim Puri, Gloria Danjuma, and Daisy Danjuma, a former senator.
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New CEO appointment
Obafemi Banigbe was named the company’s Managing Director and Chief Executive Officer in order to steer it through a period of change and promote recovery.
It was initially reported a few weeks ago that Banigbe will be the new CEO. He is anticipated to contribute his vast C-suite experience and profound comprehension of the African corporate environment.
9mobile’s spiral downward
After being purchased by Teleology Holdings in the hopes of turning it around, 9mobile—formerly known as Etisalat Nigeria—has not improved its position in the Nigerian market.
From its peak of 22 million customers in October 2016 to just over 15 million in November 2018, the operator has seen customer loss.
With 11.7 million phone subscribers and 3.3 million internet users six years later, the operator lags behind, according to National Bureau of Statistics Telecoms Data released earlier this month.
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About 9mobile
EMTS, often known as 9mobile, is a privately held limited liability business based in Nigeria that was granted a Unified Access Service License by the Federal Government of Nigeria in March 2007.
It offers a comprehensive range of voice, data, and enterprise services across the country in the telecommunications industry.
Previously operating under the name ‘Etisalat Nigeria’, the network’s official first call was placed on March 13, 2008. Following that, on October 23, 2008, the brand launched its ground-breaking and inventive product, 0809uchoose, in Nigeria.
For the first time in the history of the nation’s telecommunications, the offer gave Nigerians the freedom to select and acquire their own unique mobile phone numbers.
The company changed its name to 9mobile in July 2017 to better represent the bold, creative, resilient, and dynamic qualities that it shares with Nigerians, particularly the country’s energetic young population.