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New Board Takes Over 9mobile  … As LH Telecoms Takes Majority Stake 

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Following the Nigerian Communications Commission (NCC) and the Federal Competition and Consumer Protection Commission (FCCPC) approval as required by law, emerging Telecommunication Services Limited, operating under the trade name “9Mobile”, have announced the completion of an equity investment by LH Telecommunication Limited.
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% of 9Mobile to the new investor in consideration for the injection of fresh capital into the company.
In pursuant to the injection of capital, the new investor has nominated some persons to the Board of Directors of 9Mobile: Thomas Etuh has been nominated as the Chairman of the Board.
He 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.
On his part, Nahim Abe Ibraheem 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 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.
Following the completion of the transaction, LH Telecommunication Limited has nominated the following new members to the board of directors of 9Mobile:
Senator Daisy Ehanire Danjuma 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).
She has also been awarded honorary doctorate degrees by the University of Ibadan, University of Benin and Redeemer’s University.
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 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
Emmanuel Etuh 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.
Etuh 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 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.
Obafemi is an accomplished technology executive with proven track record of steering technological innovations and strategic initiatives throughout various pivotal markets across Africa.
He has over 24 years in the telecommunications industry and has worked in different capacities within the industry, including as Network Operations director in Airtel Nigeria, Chief Technology Officer in Millicom International Cellular Tanzania, Chief Operating Officer and interim Chief Executive Officer of Millicom Ghana.
He brings his deep technical knowledge and understanding of the telecommunications industry in Africa and proven leadership to the team.
Similarly, the Board has approved the appointment of John Vasikiran as the company’s Chief Operating Officer and Abolaji Idowu as Chief Financial Officer.
John Vasikiran is a technology business executive with over 25 years of experience as a dynamic & results-oriented CXO, providing Strategic and Operations leadership in uniquely challenging situations.
John had successful stints as a Group Chief Commercial Officer of Glo Nigeria, Glo Ghana, and Glo Benin. He was also CEO of Cellcom (Orange) in Liberia, CEO Cellcom- Guinea (Conakry) and was Director of Business Development & Sales (Africa Region) for Ribbon Communications formerly Nortel Networks.
Prior to this, John held various Sr. level Positions in MA Group, including as Managing Director of Conoil Plc and Director Commercial of Glo Nigeria.
On his part, Idowu has joined the company with over 20 years of experience having led finance transformation and delivering ambitious growth for global giants, such as Vodafone, Telefonica O2, MTN Nigeria, Starcomms PLC, Shell, Barclays, PepsiCo International, British Gas, Johnson & Johnson, Norgine Pharmaceutical and Vivo Energy.
He has held senior positions in various organizations across Europe and Africa raising finance, transforming organizations, championing growth, delivering significant cost saving and efficiency, optimizing asset utilization, reorganizing and streamlining companies, and preparing entities for new markets.
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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Bayelsa Begins EIA On 60MW Power Plant

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The Bayelsa Electricity Company Ltd, in collaboration with the Federal Ministry of Environment, on Friday, commenced the Environmental Impact Assessment (EIA) for the proposed 60-megawatt (MW) power plant.
The Tide’s source reports that the power plant project, led by the Bayelsa State Government, is in Elebele, on the outskirts of Yenagoa, the state capital.
The source also reports that the State Governor, Douye Diri, had announced plans to establish an independent power project to end the state’s reliance on the national grid and provide an uninterrupted power supply across Bayelsa.
The Director of Operations at the Bayelsa Electricity Company Ltd., Steve Bubagha Jnr., conducted the Minister of Environment, Balarabe Lawal, and his team around the project site.
Mr. Bubagha explained that the company planned to install a 60MW “plug and play” gas-fired turbine that would receive gas feed from the Oando gas manifold in Elebele.
He said the land area for the project is approximately 5.8 hectares, with 2.1 hectares currently being used.
“The Independent Power Plant is officially known as the ‘Yenagoa Power Project. This is a ‘Plug and Play’ Gas Turbine.
“What we mean by ‘plug and play’ is that the turbine is already set to be installed upon arrival from the manufacturers.
“We are only working on other components, so the turbine should be running in less than two years, or at most, in two years”, Bubagha explained.
Following the site visit, the environment minister, represented by Adimchinobi Okereke, emphasised that the purpose of the visit was to ensure the EIA process adhered to standard guidelines before granting final approval to the project.
He lauded the state government for initiating the project, noting that once completed, it would benefit Bayelsa and contribute to solving Nigeria’s power supply challenges.
Azibola Inegite, a professor and Dean of the Faculty of Science at Niger Delta University, and the EIA consultant for the project, assured that international best practices would be followed in conducting the EIA.
He emphasised that the EIA was essential for the successful execution of impactful land and environment-related projects.
On his part, the technical adviser on Print Media/Public Affairs to Governor Diri, Wisdom Ikuli, commended the Governor for his vision in executing the project.
He stated that the 60MW power plant would help reduce the state’s frequent power outages and boost business growth, thereby accelerating industrialisation.
A key part of the minister’s visit was the “Stakeholders Engagement Scoping Workshop for Environmental Impact Assessment of Proposed Gas Powered Plant and Gas Delivery Pipeline in Bayelsa State”.
The workshop brought together stakeholders from Elebele, whoch include the host community, and Kpansia, an impacted community in Yenagoa Local Government Area.

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Firm Unveils Solutions To Oil Logistics Challenges

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A firm, Fortune Global Shipping and Logistics Limited, said it has concluded plans to unveil an excellent and cost-effective logistics solution for oil and gas logistics, project cargo, customs clearance, consolidation, and construction, among others, in Lagos State.
Announcing this in a statement on Friday, the company said the initiative would be unveiled during the 2025 Sub-Saharan Africa International Petroleum Exhibition and Conference.
It stated that the event is billed to take place in Lagos this week.
SAIPEC is an annual global event which focuses on harnessing a sustainable African energy industry through partnerships.
Fortune Global explained that the exhibition promises to engage with other key industry stakeholders, decision-makers, and experts across Sub-Saharan Africa’s energy supply and value chain.
“We invite you to experience more and find out about Fortune Global’s latest innovations in oil and gas logistics. Connect with Fortune Global Shipping and Logistics Limited at the Exhibition Booth N21, Eko Convention Centre, in Lagos”, the statement stated.

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Nigeria, Still Africa’s Largest Economy – World Bank

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Nigeria remains the largest economy in Africa going by Gross Domestic Product (GDP), in spite of the challenges faced by yhe country’s private sector.
World Bank’s Country Director for Nigeria, Dr. Ndiame Diop, who confirmed this at the Country Private Sector Diagnostic (CPSD) and Stakeholder Engagement in Abuja, Friday, said while Nigeria receives far less Foreign Direct Investment (FDI) than its potential warrants, especially in comparison to countries like Indonesia and South Africa, it continues to hold its position as Africa’s biggest economy.
He said the CPSD report, set to be released in the coming weeks, will reveal the impact of private sector constraints on economic growth.
Diop noted that if targeted actions were taken to remove these obstacles, Nigeria’s economic potential would be significantly enhanced.
He explained that the current macroeconomic reforms have created a favourable environment for such changes.
He cited the country’s recent economic stabilization measures, particularly exchange rate market adjustments and improved access to foreign exchange, as critical steps that have already enhanced investment conditions.
The Country Director outlined four key sectors where strategic reforms could unlock massive investment and job creation.
He stayed that in the Information Communication Technology (ICT) sector, investment opportunities worth up to $4 billion could be realized, potentially creating more than 200,000 jobs.
In agribusiness, reforms could unlock $6 billion in investment and generate over 275,000 jobs.
The solar photovoltaic (PV) industry holds the potential for $8.5 billion in investment and more than 129,000 jobs, while the pharmaceutical sector could attract $1.6 billion and create more than 30,000 to 40,000 jobs.
For the ICT sector, he identified the high, unpredictable, and inconsistent right-of-way fees, levies, and informal charges, comprising 30 to 70 per cent of broadband rollout costs, as a major barrier.
According to him, addressing these regulatory inconsistencies would be a game-changer for broadband expansion.
He acknowledged that the National Economic Council has recognized this issue and that progress is being made through a World Bank-supported initiative.
He also noted challenges such as vandalism, limited financing for rural broadband expansion, and the need for competitive access to wholesale fiber.
Dr. Diop further noted that efforts are underway in collaboration with government agencies to resolve these issues, and the World Bank, the International Finance Corporation (IFC), and private investors are prepared to support broadband infrastructure development.
On solar power, Diop described Nigeria’s energy sector as difficult but noted that renewable energy access, particularly solar PV, has been a bright spot.
He explained that private sector investment in renewable energy has historically been hindered by high costs and unviable tariffs.
However, blended finance mechanisms supported by the World Bank and IFC have helped bridge this gap, making off-grid solutions more viable.
He noted the DES project, which aims to connect 17.5 million households and businesses to solar power, as evidence of growing private sector interest.
While the solar industry is expanding, he stressed that reforms to improve Nigeria’s grid electricity supply remain crucial for industrialization.
On her part, the Regional Director for Central Africa and Anglophone West Africa at the IFC, Dr. Dahlia Khalifa, stressed the importance of consistency in regulatory policies, particularly in customs duties and revenue agency fees.
She noted that unpredictability discourages private sector investment, as businesses rely on stable regulatory environments for strategic planning.

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