Following the approvals of the Nigerian Communications Commission (NCC) and the Federal Competition and Consumer Protection Commission (FCCPC) as required by law, Emerging Markets Telecommunication Services Limited, operating under the trade name 9Mobile, has announced the completion of an equity investment by LH Telecommunication Limited.
The investment, which was approved by 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.
Pursuant to the injection of capital, the new investor has nominated new persons to the board of directors of 9Mobile. The appointees include the founder of the Tak Group of Companies, Thomas Etuh; chairman of Euronat Nigeria Limited, Nahim Abe Ibraheem and chairman of the board of Craneburg Construction Limited, Femi Edun.
