In 2008, Etisalat, a UAE-based company, entered Nigeria's telecom market, identifying a gap in the market for young subscribers. The company partnered with Nigerian music star Banky W, launching the iconic "0809ja for Life" campaign, which resonated deeply with the youth and significantly boosted Etisalat's market presence. However, the company's fortunes took a drastic turn in 2016 when it defaulted on a $1.2 billion loan, leading to its eventual collapse and rebranding as 9mobile in 2017.

The collapse of Etisalat was attributed to its limited spectrum holdings, inadequate fibre infrastructure, and the devaluation of the naira, which increased the cost of servicing its foreign-denominated debt. The company's revenue streams were constrained, and it lost a key revenue source after selling its base towers to IHS Towers in 2014. Despite efforts to raise additional funding, 9mobile continued to struggle, losing approximately 8.6 million subscribers between August 2016 and 2023.

In 2020, 9mobile secured a payment service bank (PSB) licence from the Central Bank of Nigeria (CBN) and launched 9PSB. However, the restrictions on PSBs limited the service's potential, and the company continued to face infrastructure deficits, including a lack of fibre optic cables and reliance on microwave links. The frequent fibre cuts and inability to effectively manage servers inherited from Huawei worsened service issues, particularly in Lagos.

In June 2023, LightHouse Telecoms finalized a $750 million acquisition of 9mobile, raising hopes for a turnaround. However, the company has yet to announce any capital spending on infrastructure, and subscribers continue to decline. The new owners face significant challenges, including repairing fibre cuts, addressing infrastructure deficits, and revamping the company's leadership and management structure.

Despite the challenges, industry experts believe that 9mobile has massive potential, including infrastructure, subscribers, and physical assets that the new owners can exploit. The company needs to restart and tap into its history of strong corporate leadership to reclaim its competitive position in Nigeria's telecom market. With a new board of directors and management team in place, 9mobile has an opportunity to recover and remind millions of young subscribers why it got them "talking."

The road to recovery for 9mobile will be long and arduous. The company needs to leverage its financial strength, tap into the history of strong corporate leadership, and bring back its creative juice to compete with industry giants MTN Nigeria and Airtel Africa. With the right strategy and investment, 9mobile can reclaim its position in Nigeria's telecom market and provide quality services to its subscribers.