After years of buyout rumors, Nigerian operator 9Mobile has reportedly secured a UK-based buyer.
LH Telecoms, a UK-registered company, acquired 95.5% of the operator’s shares. The African Export Import Bank approved the investment in May 2023, and now 9Mobile needs final regulatory approval from the Nigerian Communications Commission and the Federal Competition and Consumer Protection Commission.
LH Telecom has appointed a new board and named Obafemi Banigbe as the new CEO. Banigbe previously held senior executive roles at Airtel Nigeria and Millicom.
9Mobile has struggled since 2017 when its parent company, Etisalat (now e&), terminated a management agreement and began phasing out of Nigeria. Etisalat held a 45% stake in its Nigerian unit.
During a period of foreign currency shortages, Etisalat Nigeria was unable to repay a $1.2 billion loan to 13 local lenders taken out in 2013.
The Nigerian Communications Commission stated that 9Mobile holds a 6% market share with 13.7 million subscribers out of Nigeria’s 221 million total subscriber base, competing with MTN, Airtel, and Glo Mobile.
