9Mobile Rebrands as T2 After $750M UK Takeover Amid Network Collapse

When T2 unveiled its bold orange logo at the Eko Convention Centre in Lagos last July, it wasn’t just a new name — it was a last-ditch plea for survival. The company once known as 9Mobile, and before that Etisalat Nigeria, had collapsed to just 2.4 million active subscribers by mid-2025 — down from over 23 million a decade ago. The rebrand followed a $750 million acquisition by LH Telecommunication Limited, a UK-based firm controlled by Nigerian billionaire Thomas Etuh, who now chairs the newly reborn entity. The deal, finalized on July 30, 2024Nigeria, marked the end of a seven-year financial freefall and the beginning of what insiders call "the most ambitious telecom rescue in African history."

A Company That Lost Its Way

The story of T2 begins with ambition. In 2007, the Mubadala Development Company of Abu Dhabi paid $400 million for Nigeria’s fifth GSM license — a bold bet on a market of just 64 million mobile users. Etisalat Nigeria launched in 2008, quickly becoming the fourth major player alongside MTN, Airtel, and Globacom. But by 2017, the parent company had had enough. Citing regulatory headaches and declining returns, Etisalat Group walked away, leaving its 85% stake behind. Emerging Markets Telecommunication Services Limited (EMTS), which held the remaining 15%, took over — and rebranded the network as 9Mobile. What was meant to be a fresh start became a slow bleed. By 2018, 9Mobile had defaulted on over $1.5 billion in loans. Thirteen Nigerian banks, including GT Bank, Zenith Bank, and the Central Bank of Nigeria, were left holding the bag. The Federal High Court in Abuja later approved a forced sale to Teleology Nigeria Limited, but the damage was done. Network quality cratered. Customer trust evaporated. By 2024, 9Mobile had fewer active users than some rural telecom startups.

The Turnaround That Almost Wasn’t

Enter Thomas Etuh. A Nigerian businessman with deep ties to UK finance and a reputation for taking on broken assets, Etuh’s LH Telecommunication Limited stepped in with a $750 million offer for 95.5% of EMTS. The deal required approvals from the Nigerian Communications Commission and the Federal Competition and Consumer Protection Commission. It took 14 months. The African Export-Import Bank, the company’s senior lender, gave its nod in May 2023 — but the real test came later. On July 20, 2025, Etuh stood before a room of journalists, investors, and former employees and said: "It was faith and love for country that prompted my foray into the acquisition." He wasn’t just being poetic. He was signaling a shift: this wasn’t a financial play. It was a mission.

Who’s Running T2 Now?

The new leadership team is a who’s who of African telecom veterans. Obafemi Banigbe, CEO, spent decades at Airtel Nigeria, Millicom Tanzania, and Millicom Ghana. His COO, John Vasikiran, and CFO, Abolaji Idowu, bring similar pedigrees. The board includes Daisy Danjuma and Gloria Danjuma, representing the TY Danjuma Group — a conglomerate with stakes in oil, real estate, and insurance. Their involvement isn’t just about capital. It’s about credibility.

The $3 Billion Gamble

T2’s recovery plan is structured in four phases: Stabilisation, Modernisation, Transformation, Growth. Phase one? Fix the network. That’s why, in January 2025, T2 announced a $3 billion four-year investment plan — one of the largest telecom capital raises in West Africa this decade. The first move? A landmark infrastructure-sharing deal with MTN Nigeria. "Our customers will now get MTN’s radio coverage in every city where MTN operates," said Banigbe. In practical terms, that means T2 customers can make calls and use data on MTN towers — a lifeline for a network that’s lost 90% of its subscribers.

Legal Shadows and the $43 Million Dispute

But not all is smooth. The Federal High Court in Abuja is set to rule on September 24, 2025, in a case brought by businessman Abubakar Ismaila Isa. He claims 43 million shares of EMTS were transferred to the new owners without his consent. If proven, the ruling could unravel parts of the acquisition. The legal cloud is real — but so is the urgency. T2 can’t afford to wait.

What Comes Next?

T2’s rebrand isn’t just cosmetic. It’s a signal: this isn’t 9Mobile trying to recover. It’s a new company, born from wreckage, aiming to disrupt. The orange logo? Designed to stand out. The cloud-native, API-driven infrastructure? Built for speed. The partnerships? Strategic, not symbolic. The goal isn’t just to regain market share — it’s to become Nigeria’s most agile, customer-focused operator. But here’s the thing: Nigeria’s telecom market is brutal. MTN holds 45% of subscribers. Airtel, 30%. Globacom, 15%. T2 has 2.4%. To climb back, it needs more than infrastructure. It needs trust. It needs service. And it needs to convince millions of Nigerians who abandoned it that this time, it’s different.