Telecom
LH Telecoms, Nigerian Firm Acquires Majority Stake in 9mobile, Changes Board
LH Telecoms Limited, a Nigeria based company has acquired Emerging Markets Telecommunication Services Limited, operating under the trade name 9Mobile.
According to a statement issued on Sunday by the company, 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 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.
Pursuant to the injection of capital, the new investor nominated the following persons to the board of directors of 9Mobile:
Thomas Etuh
He is the new Chairman of the Board. According to the company, Etuh 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 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 Jennifer Etuh Foundation (JEF), he has championed several healthcare and life-empowering projects in the underserved regions of Nigeria,” the company stated.
Other Directors:
Nahim Abe Ibraheem: He has over 30 years of experience across finance, upstream and downstream oil trade, procurement, and manufacturing.
He began his career at Orbit Communications in 1990 and founded Soveran Nigeria Limited, a specialty procurement and petroleum product distribution company, in 1995.
- As Chairman of Euronat Nigeria Limited, he has overseen major oil product exports from the NLNG and NNPC. His notable roles include representing VShips Monaco S.A in Nigeria and advising Africa Merchant Bank ( a Fortis Bank Subsidiary) and Société Générale Bank France.
- Mr. Ibraheem serves as Chairman of the Boards of Veritas Kapital Assurance PLC and Lighthouse Capital Limited, as well as a Non-Executive Director of the VFD Group and Veritas Glanvills Pensions Ltd.
- He has sat on the boards of Morris Nigeria Limited and Superphosphate Fertilisers & Chemicals Limited. He is a member of the Institute of Directors (Nigeria) and PESA, and an avid sports fan.
Femi Edun: He is a financial services industry professional with over 35 years’ experience across assurance, consulting, credit ratings and research, investment banking and proprietary investment, from a variety of roles in Akintola Williams & Co (now Deloitte), Price Waterhouse, (now PricewaterhouseCoopers), Agusto & Co. Limited, Nigeria’s first credit rating agency and Frontier Capital Limited.
- He has been involving in notable pioneering initiatives in the financial services industry and several landmark transactions.
- Whilst serving as a volunteer adviser to the Federal Government, he was a non-executive director of the Bank of Industry.
- He is the Chairman of the board of Craneburg Construction Limited, independent non-executive director of Chevron Closed Pension Fund Administrators Limited and non-executive director of Notore Chemical Industries Plc and Agusto & Co. Limited amongst others.
Board members
Following the completion of the transaction, LH Telecommunication Limited has also nominated the following new members to the board of directors of 9Mobile:
Senator Daisy Ehanire Danjuma: She was elected as 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 Senate Committee on Women Affairs and Youth Development.
Following her legislative tenure, she held the position of Executive Vice Chairman of SAPETRO until December 2023 when she was appointed as the Executive Chairman. Senator Danjuma is the Chairman, Board of Trustees of the H I D Awolowo Foundation, a Member Board of Trustees of Women at Risk International Foundation (WARIF), the Chairman Board of Trustees of Lagos Public Interest Law Partnership (LPILP) and the Chairman of May & Baker Nigeria Plc.
- She worked as a State Counsel in the Lagos State Ministry of Justice (Department of Public Prosecutions) and was a pioneer Legal Counsel to the Legal Aid Council of Nigeria before working for the investment bank Nigerian Acceptances Limited (NAL Merchant Bank).
- She was Company Secretary/Legal Adviser to the Nigerian Television Authority (NTA) before moving into private practice.
- Senator Danjuma is a member of the International Bar Association (IBA), the Nigerian Bar Association (NBA) and the International Federation of Female Lawyers (FIDA). Senator Daisy Danjuma has also been awarded honorary doctorate degrees by the University of Ibadan, University of Benin and Redeemer’s University.
Michael Ikpoki: Michael Ikpoki is an accomplished Multinational Business Executive/Leader with over 25 year’s experience across regulatory, commercial, operational management/leadership and consulting/advisory roles in the African Telecom Industry.
- He was a former Chief Executive Officer of MTN Ghana and MTN Nigeria.
- He is Founder/Managing Partner of Africa Context Advisory Partners where he leads expert teams to consult on Telecom/ICT in Africa. He is Chairman of the Boards of Capricorn Digital Limited and Amplitude Telecoms Africa Limited.
- He is a member of the Boards of Telecel Group and Unilever Nigeria Plc.
Ibrahim Puri: Ibrahim Ajimasu Puri is a finance professional who possesses over 30 years of cognate banking experience encompassing operations, marketing, retail, corporate banking, and human resource management.
- He was an Executive Director with the United Bank for Africa (UBA), with responsibility for the bank’s operations in Northern Nigeria.
- He currently serves on the boards of several blue-chip companies in Nigeria including the Nigeria Breweries Plc and is Chairman of the Board of Redtech Limited, a member of the Heirs Holdings Group.
Gloria Danjuma: She is a dynamic and result-oriented professional with a proven track record of leadership and strategic vision across multiple industries. She has over 20 years of experience driving growth, maximizing shareholder value, and leading organisations through periods of transformation.
She is the current chairperson of NAL/Comet Group, Unitrust Insurance Limited and Wheatbaker Investment Properties Limited. She is also a Board Member of the TY Danjuma Family Office, Novotel Hotel Port Harcourt and a member of TY Danjuma Foundation Board of Trustees.
Emmanuel Etuh: He is a professional and business executive whose experience covers law, finance and operations across diverse industries. He currently serves as Executive Director, Corporate Services at Lighthouse Capital, overseeing the operational aspects of the business, including investments, client service, risk and technology.
He also serves on the board of Veritas Kapital Assurance Plc and Tak Agro & Chemicals Limited. He commenced his career at Banwo & Ighodalo and later served a stint at the International Bar Association, London.
He also served as a lead transactor at TMD Advisory Services focused on the origination, structuring and execution of financial advisory mandates in West and East Africa. He is the founding partner at Haute and Peers LP, providing strategic, corporate and commercial advice to technology, media and telecoms players in the Nigerian market.
The new Board has also also ratified the appointment of the new management team led by Obafemi Banigbe as the Managing Director and Chief Executive Officer of the Company to lead the Company through this transition stage and take it on the path of recovery.
Recall that 9mobile recently announced the appointment of Banigbe as CEO.
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.
Legend Internet Plc, an internet service provider, plans to merge with Spectranet, Nigeria’s largest ISP by subscribers, in a deal that signals a new wave of consolidation as competition intensifies in the broadband space.
The proposed transaction, disclosed in a regulatory filing to the Nigerian Exchange (NGX) on Monday, will see both companies combine their businesses under a unified corporate structure.
The deal is pending approval from the Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Communications Commission (NCC), with completion targeted for Q2 2026.
The merger brings together two players that have long competed for the same urban broadband customers and signals that Nigeria’s internet service provider market may be entering a consolidation phase.
With infrastructure costs rising, spectrum constraints tightening, and competition intensifying from MTN and Airtel’s home broadband arms, mid-tier ISPs face growing pressure to scale or get squeezed.
Legend’s board, which approved the transaction in October 2025 before shareholders ratified it in November, framed the deal in terms of network capacity and operational efficiency.
“The proposed merger aligns with Legend’s long-term strategy to expand broadband infrastructure and strengthen its position within Nigeria’s telecommunications sector,” Legend said in the filing.
“The Transaction is expected to deliver significant strategic and financial benefits, including enhanced network capacity through the integration of fibre and wireless infrastructure, improved operational efficiency, and expanded coverage across key urban markets.”
The combined entity would inherit Spectranet’s established brand recognition among home and SME broadband users alongside Legend’s listed status and infrastructure footprint.
The filing did not disclose the financial terms of the transaction, including the valuation or the structure of the share arrangement.
The deal also reflects broader shifts in Nigeria’s ISP market, where scale, network quality, and capital investment are becoming critical to survival. By merging with Spectranet,
Legend is betting that consolidation can deliver the scale needed to compete more aggressively.
Spectranet, once a dominant force in Nigeria’s fixed wireless segment, enters the merger from a position of relative weakness. In 2025, its active subscriber base fell below 100,000 for the first time since the NCC began publishing ISP data. The company lost 3,732 users in the second quarter alone, marking its second consecutive quarterly decline.
That drop came amid intensifying competition from newer entrants and alternative technologies. Satellite internet provider Starlink, for instance, has recorded rapid growth, increasing its subscriber base significantly over the same period. Fibre-focused players like FibreOne are also expanding, putting additional pressure on legacy wireless operators.
Despite these challenges, Spectranet remains a significant player. As of late 2024, it controlled about 47.3% of Nigeria’s wireless ISP market and remained the largest ISP by subscriber count as of mid-2025. However, its lead has been narrowing, underscoring the urgency of strategic repositioning.
For Legend Internet, the merger could provide a faster route to scale than organic growth alone. The company, which listed on the NGX in April 2025 through a listing by introduction, has seen a volatile stock performance.
After debuting at ₦5.64 per share and climbing to a high of ₦10.35 in May 2025, the stock fell to a low of ₦4.30 in September before beginning a recovery. As of March 23, 2026, Legend’s shares trade at around ₦6.00, giving it a market capitalisation of approximately ₦12 billion. The stock has gained about 13.4% year-to-date, suggesting a modest return of investor confidence following its post-listing swings.
Canada–Nigeria
The forum will convene technology leaders, innovators, distributors, systems integrators, and policymakers from Canada and Nigeria to explore new commercial opportunities and deepen bilateral collaboration in the digital economy.
To participate, register here.
Designed as a strategic engagement platform, the event will showcase Canada’s advanced technology capabilities while connecting Canadian companies with Nigerian partners across key sectors including artificial intelligence, cybersecurity, telecommunications, enterprise solutions, and smart infrastructure.
Driving Cross-Border Innovation
The forum aims to strengthen innovation ties between both countries by facilitating partnerships that support digital transformation, business growth, and knowledge exchange.
Proceedings will begin at 8:30 AM with registration and introductions led by the Trade Commissioner, followed by official welcome remarks at 9:00 AM by the Head of Office at the Deputy High Commission of Canada in Lagos.
Keynote on Technology Transformation
A keynote address will be delivered from 9:10 AM to 9:30 AM by Mr. Olagoke Orija, representing the Country Manager of Microsoft Nigeria.
The keynote will highlight opportunities for technology-driven transformation and collaboration within Nigeria’s rapidly evolving digital landscape.
Panel Session: Strengthening Tech Partnerships
A key highlight of the forum will be a panel discussion scheduled from 10:00 AM to 10:45 AM, themed:
“Building Stronger Tech Partnerships: Distributor, Integrator & Reseller Opportunities.”
The session will explore practical models for collaboration between Canadian and Nigerian companies, with focus on:
- Expectations of Nigerian firms from international technology partners
- Success factors in joint ventures, distribution, and co-development
- Case studies of Canada–Nigeria technology collaboration
Panelists include:
- Lee-Michael J. Pronko (Canada)
- Dr. Isi Brennan (USA)
- Gbemi Akande – Optimus AI (Canada)
Sector-Focused Syndicate Sessions
From 10:45 AM to 12:00 PM, participants will engage in sector-specific syndicate sessions featuring presentations from leading Canadian technology firms:
- Agile Agilist – Artificial Intelligence
- Cetark – Cybersecurity
- Ethica Channel Enablement Inc – Telecommunications
- Telepin – Telecommunications
- SimplyCast – Enterprise Solutions
- Viion Systems – IoT and Smart Infrastructure
Each company will deliver focused 15-minute presentations, highlighting solutions and partnership opportunities.
Networking and Cultural Exchange
An interactive Q&A session will take place from 12:00 PM to 12:20 PM, allowing participants to engage directly with presenters.
This will be followed by a Wine Tasting Networking Session (12:20 PM – 12:50 PM), curated by Nicotawines, featuring premium selections from Canadian wineries and distilleries including Tawse Winery, Macaloney Distillery, Lakeview, and Reif Estate Winery.
Closing and Outlook
The forum will conclude at 1:00 PM with closing remarks from the Senior Trade Commissioner, reaffirming Canada’s commitment to building sustainable and mutually beneficial partnerships within Nigeria’s technology ecosystem.
Register here to participate.
About the Trade Commissioner Service (TCS)
The Trade Commissioner Service supports Canadian companies seeking international business opportunities and facilitates trade, investment, and innovation partnerships worldwide. Through its presence in Nigeria, the TCS works to strengthen bilateral economic ties and foster collaboration between Canadian and Nigerian businesses.
Quest Merchant Bank has been appointed as Transaction Advisor for Project BRIDGE, a broadband infrastructure initiative of the Federal Ministry of Communications, Innovation and Digital Economy (FMCIDE), led by Bosun Tijani, the minister.
Project BRIDGE, short for Broadband Infrastructure Development for Digital Economy, is designed to deepen Nigeria’s digital backbone through the deployment of about 90,000 kilometres of open-access fibre-optic cables nationwide.
The initiative is expected to boost broadband penetration, strengthen connectivity and drive inclusive economic growth.
Under the mandate, Quest Merchant Bank will work with the ministry and the Project Implementation Unit to structure the project’s financial and commercial framework.
This includes developing bankable investment models, engaging investors and designing a public-private partnership structure to ensure efficient execution and sustainability.
Afolabi Olorode, acting managing director, described the project as a critical intervention for Nigeria’s digital economy.
“Project BRIDGE represents a critical step in strengthening Nigeria’s digital backbone and unlocking the immense opportunities within the country’s digital economy. We are honoured to partner with the FMCIDE under the leadership of Honourable Minister, Dr Bosun Tijani on this important initiative,” he said.
He added that the bank would leverage its expertise in infrastructure finance to develop “a robust and investable framework that will attract private capital and support long-term national development.”
Also speaking, Yetunde Falore, head of Investment Banking at Quest Merchant Bank, said the project comes at a defining moment for Nigeria’s digital economy.
“Nigeria’s digital economy is entering a defining phase, and infrastructure initiatives such as Project BRIDGE will play a central role in expanding connectivity, deepening digital inclusion, and supporting sustainable economic growth,” she stated.
Falore noted that the bank would focus on ensuring the timely and efficient delivery of the project in its advisory role.
The initiative aligns with the Renewed Hope agenda of President Bola Ahmed Tinubu, which prioritises digital infrastructure expansion and private sector participation in critical national assets.
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