Another Company Acquires 9Mobile as MTN, Airtel, Other Telcos Bar Lines Few Days to Deadline
- The Nigerian Communications Commission (NCC) and the Federal Competition and Consumer Protect has approved the new 9Mobile board
- The development comes after LH Telecoms acquired a majority stake in the telecommunications company
- The new board comprises seasoned business leaders and professionals from various fields
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade
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, is pleased to announce 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, resulted in a change in control of 9Mobile in favour of the new investor. The new investor was issued new shares amounting to 95.5% of 9Mobile in consideration for injecting fresh capital into the company.
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New board members
Under the injection of capital, the new investor nominated the following persons to the board of directors of 9Mobile:
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According to reports, Thomas Etuh is the chairman of the board.
Nahim Abe Ibraheem has over 30 years of experience across finance, upstream and downstream oil trade, procurement, and manufacturing.
Femi Edun is a financial services professional with over 35 years of experience.
Senator Daisy Ehanire Danjuma was elected a Senator of the Federal Republic of Nigeria in 2003, where she served on numerous committees, most notably as chairman of the ECOWAS Parliament’s Women and Children’s Rights Committee and chairman of the Senate committee on Women Affairs and Youth Development.
Michael Ikpoki, Michael Ikpoki is an accomplished multinational business executive/leader with over 25 years of experience.
Gloria Danjuma is a dynamic and result-oriented professional with a proven track record of leadership and strategic vision across multiple industries.
Emmanuel Etuh is a professional and business executive whose experience covers law, finance, and operations across diverse industries.
Obafemi Banigbe is the managing director and chief executive officer, to lead the company through the transition stage and take it on the path of recovery.
The board has approved the appointment of John Vasikiran as the company’s chief operating officer and Abolaji Idowu as chief financial officer.
Telcos bar unlinked lines
The development comes as telecommunication companies in Nigeria barred phone lines days before the proposed date to bar lines not linked to the National Identification number.
Reports say Nigerians surged at offices of telecommunication companies across Nigeria after the firms barred their lines over the weekend.
The move complies with the NCC's directives, which set July 29 as the deadline for SIM-NIN linkage.
How to check If your NIN is linked
Legit.ng earlier reported that over 70 million subscribers had been affected by the development.
Many of them are now linking their SIM to their NIN to regain access to making phone calls.
However, some subscribers are not sure whether their SIMs have been linked with their NIN, though they still have access to making calls. You can check if your line has already been linked and quickly link it if it hasn't to avoid being barred from making calls.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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Source: Legit.ng
