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LH Telecoms, Nigerian Firm Acquires Majority Stake in 9mobile, Changes Board

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LH Telecoms Limited, a Nigeria based company has acquired Emerging Markets Telecommunication Services Limited, operating under the trade name 9Mobile.

LH Telecoms, UK Firm Acquires Majority Stake in 9mobile, Changes Board

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.

 

 


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Stakeholders Harp on Importance of Unified Infrastructure to Africa Digital Leap

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A robust infrastructure framework to drive digital transformation in Africa has been highlighted at the Hyperscalers Convergence Africa Conference that was held recently in Lagos.

Experts who gathered at the event concurred that Africa’s unique challenges require bespoke solutions, thus tasked authorities to invest in specialized infrastructure to secure the continent’s digital future.

Deremi Atanda, Managing Director of Remita Payment Services Limited (RPSL), during a panel session, themed, ‘Innovating Towards Africa’s Digital Future’ maintained that the quality of digital infrastructure embraced by African nations will go a long way in determining their depth of prosperity.

He pointed out how connectivity gaps were still affecting intra-African payment, despite numerous breakthroughs in the space.

Consequently, Atanda joined by other industry leaders in the panel stressed collaboration among leaders as well as stakeholders and community engagement to foster a unified digital infrastructure agenda.

Additionally, he suggested creating an African digital infrastructure investment bond, believing it would compel all parties to invest in a digital future.

He said, “There is still much work to be done in creating intra-African payment systems that facilitate trade and economic collaboration without relying on external channels. Pan-African payments have been a long time coming.

“It’s time to take ownership of our digital future and ensure that our solutions are designed by Africans, for Africans. At Remita, we remain committed to driving innovation and redefining the ease of connected payments digitally.”

He said further, “solving Africa’s problems within its context will yield multidimensional benefits. Improved digital infrastructure will enhance the quality of life across the continent, connecting Africa in unprecedented ways.

“Moreover, expanding digital infrastructure will significantly enhance skills development in Africa, connecting more people and creating vast opportunities for the continent’s growth.

“By integrating diverse skills and fostering collaboration, we can accelerate trade, expand local economies, and enhance the quality of life across the continent. Continuous monitoring and evaluation will ensure sustainable progress, making Africa a significant player in the global digital landscape.”

Corroborating Atanda’s perspective, Wabo Majavu, Executive, Strategy & Business Operations at Africa Data Centres, recognized the need for periodic communication and collaboration among the continent’s leaders to achieve a unified vision for the digital transformation agenda.

He underscored the necessity of expanding digital infrastructure to enhance digital inclusion, stating that some communities are still left behind.

 


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Nnamani calls for Deliberate Moves Towards AI Regulation, Data Center Growth

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The need to develop Artificial Intelligence (AI) as an ethical solution has been highlighted by the Chief Executive Officer of Digital Realty, Nigeria, Engr. Ikechukwu Nnamani.

L-R: Mr.Chike Onwuegbuchi, Chairman,Nigerian Information Technology Reporters Association (NITRA), Engr.Ike Nnamani, CEO, Digital Reality, Mrs.Chioma Ezike, Treasurer of NITRA and Mr.Chidiebere Nwankwo,Secretary general of NITRA during a courtesy visit to Digital Reality head office in Lagos.

Speaking during a courtesy visit by the Executive Committee of the Nigeria Information Technology Reporters’ Association (NITRA) as a fall out of the Association’s ICT Growth Conference with the theme “Impact of AI On National Development: Prospects, Policies, and Challenges in Nigeria”, Nnamani noted that people developing ethical solutions for AI are few compared to people producing non-ethical solutions, but have come to take advantage and make money.

Nnamani explained that this trend is not peculiar to Nigeria, but also the reason most developed countries are seeking ways to regulate AI as soon as possible.

“Even the U.S. have a major effort, both in their congress as well as the Executive, to ensure there is work being done on AI Safety and Best Practices, reason being that some companies or individuals are only looking at AI from the value it adds to them, without thinking of what the consequence for any value is. One start looking at it from an ethical standpoint

U.S. and every other country, their governments are actively involved in creating the right policy, to be sure that it is not abused. But more importantly, to be sure they are able to answer it well.”

While applauding the regulators, he said that on the side of regulation in Nigeria, it is a work in progress. “I don’t even see it is a problem or challenge because to the best on my knowledge AI has not gone too far in its adoption in Nigeria. That means our government, across all areas, need to look back and ask; is there any potential harm from this service or technology? How do we mitigate it? What do we do to stop that harm? And these are things they are doing now by asking people to check things, just to be sure that whatever applications you are running, you are running it ethically.”

Nnamani however allayed fears of unnecessary job less, noting that the advent of AI will further drive up-skilling of Nigerians. “Some have said AI will take jobs away. So, should we stop? Truth is that it is not AI taking anybody’s job away, it is just a case of people needing to be re-trained and find out how to use AI for better efficiency and cost-effectiveness.

Also speaking on the state of Data Centers in Nigeria, Nnamani noted that although Nigeria have increased the number of Data Centers operational in the country in the past few years, it is not yet enough to take care of its bourgeoning data and digital economy.

“Some report that was published some years back indicated that Nigeria, as at now, should have at least 600 megawatts of IT load, giving the size of our economy, population, GDP, and what it should be if we are a truly digital economy.

“Today we have about 30 megawatts. So, you can see the percentage of what we have compared to what we need to have. That is even in terms of the size of IT load which is a matrix we use.

“Now in terms of quantity, for instance, if you go to a city like Toronto, last time I checked there were over 30 Data Centers in that city.

The reality is that we have not started, we are not even anywhere close to starting, if we really understand what needs to be done to have a truly digital economy.”

He observed that the Data Center sub-sector needs a lot of people with foresight to draw investors and put up infrastructure.

“And then, of course, from the government side, it requires a lot of support. Not just from regulation as a means to extracting income to the regulators, but regulation as actually a way of growth for that industry.

“Luckily we have very good regulators who understand this part of the telecom industry, so they are as supportive as can be, but we still need a lot. All these must come together for us to see a fully digital economy, which I believe is the goal of everybody,” he said.

“In Lagos, for instance, there is a lot of progress in the build-out of this infrastructure, but you hardly see much in every other State. So there is still a lot of work that still need to be done.

“There are still some cross-city service that still need to be run for the overall growth of the economy and social wellbeing of the people that the infrastructure still do not exist,” he said.

Nnamani listed some of the key challenges facing Data Center operation in Nigeria to include Power and FOREX, which he said the Federal Government should do good to tackle.

“The truth is that doing business in Nigeria is challenging. Everybody knows that. And the biggest challenge, probably, is FOREX. Initially, having access to FOREX was the issue.

“But for us that have access to FOREX, it is how is the FOREX trending? And does it create a measure of stability for you to be able to make business projections.

Look at power, for instance. Power that you assume should be available to you if you are a business person, you pay for the power and it won’t be delivered,” he concluded.

The NITRA ICT Growth Conference gathered industry stakeholders to discuss the way forward in the deployment and use of AI in the system.

 

 


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Fifth-year Anniversary: Treepz Unveils Upgraded All-in-one Mobility App for Corporate Firms, Individuals

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In commemoration of our fifth-year anniversary, Treepz, Africa’s leading corporate mobility startup has achieved momentum in the African mobility industry, where it is providing cutting-edge solutions to address the prevalent transportation challenges across Africa.

L-R: John Shaibu, VP, Customer Engagement & Cofounder; Cofounder Treepz, Johnny Enagwolor, COO & Cofounder, Treepz & Onyeka Akumah, Founder & CEO, Treepz

Through its partnerships with leading companies including, Parallex Bank and KingMakers, owners of Betkings, Treepz has continued to expand its services by providing transportation solutions for over 50,000 employees monthly.

This collaboration highlights Treepz’s growing influence and its ability to meet the evolving needs of corporate clients.

Beyond this remarkable achievement, we also made history as the first mobility startup in Africa to successfully complete an international cross-border rental trip between two African countries.

This historic journey which covered nearly 1400 kilometers, featured a fleet of 2 well-maintained coaster buses and 3 Toyota Hiace buses.

It took place from August 7, 2024, to August 11, 2024, transporting 96 passengers from Lagos, Nigeria, to Cotonou, Benin Republic, and back.

Commenting on the 5-year milestone achieved, Johnny Enagwolor, Treepz COO & Cofounder, said the anniversary is not more than a journey celebration.

He noted: “It marks a giant leap forward in solving the mobility challenges faced by many African countries. From the beginning, our goal has always been to redefine how people and businesses move across the continent, and we are committed to empowering 1 million daily commuters with options to move better in Africa.”

In light of these milestones, Treepz is set to launch a highly enhanced, all-in-one version of its mobility application for corporate firms and individual users across the continent.

Scheduled to go live first in Lagos, Nigeria on October 1, 2024, the revamped app is designed to address the real transportation challenges faced by its diverse users.

By integrating Treepz’s core services – Business Treepz, Rental Treepz, and others into one single intuitive platform, the app offers a more streamlined, efficient, and reliable transportation experience.

Speaking about the app, Onyeka Akumah, Treepz CEO & Founder noted that the new app takes into account the specific transportation needs of different corporate firms and individual users.

Onyeka said: “Our innovative mobility app, the first in Africa, is designed to meet different users’ needs. Businesses and schools can manage transportation with Business Treepz, while individuals can rent vehicles through Rental Treepz for airport transfers, executive travel, group trips, or special events like conferences and weddings.”

“With our upcoming app launch in the next few weeks, we invite all businesses, enterprises, non-profit organizations, private and public institutions, and non-profit organizations in Lagos to come to experience a better way to move, he added.”

Since its inception in 2019, Treepz has worked closely with numerous clients across different sectors in Africa, including banks, travel agencies, and event planners in Africa to provide them with customized for their mobility needs.

Treepz has also completed over 5 million customer journeys and built a community of 150,000 vetted drivers across Nigeria, Ghana, Kenya, and Uganda. Additionally, Treepz has also helped cut down over 50,000 C02 emissions through its advanced technologies.

As Treepz continues to innovate and expand its services, the startup remains the leader in Africa’s corporate mobility landscape. For more information about Treepz and its corporate mobility services, kindly visit www.treepz.com


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