Telecommunications company, 9mobile, on Sunday, announced its acquisition by a new investor, LH Telecoms Limited.
The acquisition of majority shares in the Nigerian telecom company was approved by the Nigerian Communications Commission (NCC) and the Federal Competition and Consumer Protection Commission (FCCPC) as required by law.
The African Export-Import Bank (AFREXIM), the senior lender to 9Mobile in May 2023, also approved the acquisition. This 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% of 9Mobile to the new investor in consideration of the injection of fresh capital into the company.
The new owners of 9mobile have since constituted a new Board to be chaired by a serial entrepreneur, Thomas Etuh.
Who is Etuh?
Thomas Etuh, the new Chairman of the Board of 9mobile, is an accomplished and versatile entrepreneur with over 36 years of experience in strategic sectors of the African economy, including agriculture, fertilizer production, mining, banking, telecommunications, power, and aviation.
- He is described as a passionate leader with a track record of successful corporate management, ensuring that clear objectives and expectations are delivered and sustained. Mr. Etuh is the founder of the Tak Group of Companies.
- He previously served as the Chairman of the Board of Directors of Unity Bank Plc, Veritas Kapital Assurance Plc, and Lighthouse Capital Limited.
- He is currently the Chairman of the Board of Notore Chemicals Industries Plc.
- As Chairman of the Jennifer Etuh Foundation (JEF), he has championed several healthcare and life-empowering projects in the underserved regions of Nigeria.
Academic background
Mr. Etuh holds an MBA from the Business School, Netherlands, a diploma in Banking from Ahmadu Bello University, Zaria and an advanced diploma in Public Administration from the University of Jos.
He also has a postgraduate diploma in Management from Abubakar Tafawa Balewa University, Bauchi. Mr. Etuh has attended many business and management courses and trainings at home and abroad including the Chief Executive Program at the Lagos Business School, the Advanced Management Program at the University of Navarra, Barcelona and the Leadership Program at the London Business School.
What you should know
As the Chairman of 9mobile, he will be expected to use his wealth of experience and influence to turn around the fortunes of the telecom company, which had been struggling to stay afloat after years of lack of investment in infrastructure upgrades.
9mobile which once had over 20 million active subscriptions had 11.6 million connected lines as of March 2024 as it has suffered consistent loss of customers over the years.
The company as of March accounted for only 5.3% of the market share while MTN, Airtel, and Globacom controlled 37%, 29%, and 28% of the market in that order.
