With ambitious intentions to turn things around over the next four years, 9mobile is preparing for a dramatic comeback.
After going through a difficult period, the company, which had over 13 million customers, is now down to just 3.4 million consumers and now holds 2.15% of the market.
In July 2024, 9mobile hired Obafemi Banigbe as its new CEO to address the issue. The difficult task of bringing 9mobile back on track has been given to Banigbe, a seasoned telecom specialist with expertise throughout Africa. Though realistic about the hurdles that lie ahead, he exudes confidence.
The corporation has a bold comeback plan, according to The Guardian: spend $3 billion to expand their 2G, 3G, and 4G coverage and take on other telecom behemoths in the upcoming four years. However, acquiring that amount of money is difficult, particularly given Nigeria’s high interest rates, which make borrowing costly.
Thus, 9mobile is acting wisely. “Build infrastructure where we must, and share it where we can” is their new motto. This entails limiting large purchases to necessities and, whenever feasible, collaborating with others to save expenses.
Banigbe also brought attention to a larger problem facing the telecom sector: although revenues are rising, costs are rising even more quickly. Long-term sustainability is complicated by this imbalance, particularly if businesses continue to borrow money.
Additionally, it’s a bit of a hazardous position because 9mobile is already having financial difficulties. To put it briefly, 9mobile is battling to reclaim its place in the cutthroat telecom industry in Nigeria. Under Banigbe’s leadership, their approach is unambiguous: prudent expenditure, improved collaborations, and an emphasis on sustainability.
However, they are laying the groundwork for a significant 2025, but it is unclear if they will succeed.
