The mobile network operator Emerging Markets Telecommunications Limited, popularly known as 9Mobile, on Sunday, announced the completion of an equity investment by LH Telecommunication Limited.
The company, in a statement signed by its board of directors, said the acquisition follows the approvals of the Nigerian Communications Commission (NCC) and the Federal Competition and Consumer Protection Commission (FCCPC) as required by law.
“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,” the board said.
