The mobile network operator Emerging Markets Telecommunications Limited, popularly known as 9Mobile, has on Sunday, July 28, 2024 announced the completion of an equity investment by LH Telecommunication Limited.

The company, in a statement signed by its board of directors, wrote: “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 company stated that the new investor nominated a new board of directors.

Thomas Etuh, a successful entrepreneur with over 36 years of experience in strategic sectors of the African economy has been named the new Chairman of the 9mobile Board.

The board also approved the appointment of John Vasikiran as the company’s Chief Operating Officer and Abolaji Idowu as Chief Financial Officer.

“The reconstitution of the board of directors and the executive leadership of the company has brought the 9Mobile transformation programme to a momentous phase in readiness to compete strongly in the market,” the statement said.