LH Telecoms Nigeria, a subsidiary of Light House Capital, has acquired a majority stake in 9mobile’s parent firm Emerging Markets Telecommunication Services Limited, after approvals from the Nigerian Communications Commission and the Federal Competition and Consumer Protection Commission.
The financial terms of the deal were not disclosed but the new board will be chaired by Thomas Etuh, with Nahim Ibraheem and Femi Edun joining as new members. Former senator, Daisy Danjuma will also be on the board, as well as Michael Ikpoki, Ibrahim Puri, Gloria Danjuma, and Emmanuel Etuh.
“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 announced in a statement.
The firm expects the new organization to revive the once telecom firm formerly known as Eutisalat Nigeria to give it the ability to compete more effectively in Nigeria’s highly competitive telecom market. The firm will be lead by Obafemi Banigbe as Managing Director and Chief Executive Officer succeeding outgoing CEO Juergen Peschel who will remain with the company as a consultant.
Banigbe began his telecoms career at Celtel, now Airtel Nigeria, as the Director of Operations and worked at Ericsson across various roles within the Sub-Saharan Africa Market Unit, culminating as the Network Support Group Manager for Access and Transport Networks. He also served as the Chief Operations Officer at Millicom Ghana, and Interim CEO and Chief Technical Officer for Millicom Ghana and Millicom International Cellular Tanzania.
Banigbe co-founded Silver Rock Technology Services Ghana, a strategic advisory firm specializing in the Telecom, Media, and Technology sectors. He has also served as a Non-Executive Director at Amplitude Telecoms, a tower infrastructure provider in Nigeria, and contributed to the successful acquisition of Vodafone Ghana as an Advisory Board member for Telecel Group. Additionally, he provided strategic insights to the Nsano Group, a leading Fintech platform operating across multiple African countries, and offered guidance on product development and market entry strategies to Kirusa Group in New Jersey, USA.
“The Nigerian telecoms industry is characterized by strong competition, but it also provides opportunities for different stakeholders. I am delighted to join the 9mobile family and look forward to using my experience and unique value propositions to lead the company in the next exciting phase of its journey. The goal is to build on the existing foundation to create value that will transform the Nigerian telecoms sector,” said Banigbe
Banigbe holds a Bachelor of Engineering in Electrical and Computer Engineering from the Federal University of Technology Minna, Nigeria. He has furthered his expertise through the Ericsson Management Development Programme, the Advanced Management Program at the London Business School, and an MBA from Manchester Business School, UK. Prior to his appointment at 9mobile, he served as Senior Partner: Strategy and Technology with Africa Context Advisory Partners.
9mobile, was formerly known as Etisalat Nigeria was acquired by Teleology Holdings but ended up losing subscribers from its peak of 22 million in October 2016 to just over 11.7 million voice subscribers and 3.3 million internet users to date.