According to a statement on Sunday by the company, the acquisition, approved by the Nigerian Communications Commission and the Federal Competition and Consumer Protection Commission, allows a new board to take over the struggling telecom operator.

Although the deal’s financial terms were not disclosed, the company indicated that the takeover is subject to regulatory approvals.

“The investment, approved by the 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 board said.

The new ownership structure is expected to bring stability and fresh investment to the company, enabling it to compete more effectively in Nigeria’s highly competitive telecom market.

The new board will be chaired by Thomas Etuh, with Nahim Ibraheem and Femi Edun joining as new members.

Additionally, the UK firm has nominated diverse individuals to the board, including a former senator, Daisy Danjuma, Michael Ikpoki, Ibrahim Puri, Gloria Danjuma, and Emmanuel Etuh.

Obafemi Banigbe was appointed the Managing Director and Chief Executive Officer to lead the company through its transition phase and drive its recovery.

The new CEO, Banigbe, whose appointment was previously announced a few weeks ago, is expected to bring his extensive experience at the C-suite level and a profound understanding of the African business landscape.

9mobile, formerly known as Etisalat Nigeria, was acquired by Teleology Holdings with high hopes of turning it around but has continued to struggle in the Nigerian market.

The operator has faced customer attrition, losing subscribers from its peak of 22 million in October 2016 to just over 15 million in November 2018.

Six years later, the operator trails behind with 11.7 million voice subscribers and 3.3 million internet users, according to the National Bureau of Statistics Telecoms Data released early this month.