UK-based firm acquires majority stake in troubled 9Mobile, appoints new CEO

LH Telecoms Limited, a UK-based telecoms company, has acquired a majority stake in Emerging Markets Telecommunication Services Limited, trading as 9Mobile.

The company disclosed on Sunday that the acquisition of a controlling stake in the Nigerian telco received the necessary approvals from the Nigerian Communications Commission (NCC) and the Federal Competition and Consumer Protection Commission (FCCPC), as required by law.

The African Export-Import Bank (AFREXIM), which was 9Mobile's main lender in May 2023, approved the investment that led to a change in control. The new investor received 95.5% of 9Mobile's shares in return for a major capital injection.

9Mobile has appointed a new board of directors following recent developments.

By Victoria Fakiya.

Full story at Yahoo News.