The Chief Executive Officer, Obafemi Banigbe, stated that a competitor intentionally delayed negotiations over shared services, causing financial losses for the company and aiming for its downfall.

Banigbe made the remarks at the Inspiring Woman Africa Series 14 in Lagos on Thursday, themed ‘Leadership Redefined: Charting New Paths to Excellence’.

It was earlier reported that the Nigerian telecom operator, 9mobile recently rebranded as T2, as part of a strategic effort to strengthen its market position following Lighthouse Telecoms’ acquisition of 9mobile in 2023, led by businessman and investor Thomas Etuh.

Speaking at a panel session titled Visionary Leadership in Transformative Times, Banigbe said, “One of our competitors wanted us to die. How else do you want to explain it? They were stringing us along for months, and we were bleeding money every month.

“For us, it’s making sure that we can modernise the infrastructure to deliver services on a cost-effective basis… Therefore, to everyone who is wondering, yes, we are back in the market. Now, we are able to leverage all the competitive infrastructure to deliver services. Today, everywhere you have MTN, we exist in the market mostly because we have leveraged infrastructure.”

Throwing more light on the shared infrastructure deal with MTN, Banigbe said, “It took us six months to negotiate that deal, and then after six months together, we reached an agreement. So, one year of trying to revive the business in Nigeria.”

Banigbe added that partnership remained important despite harsh competitive pressures, emphasising, “You must be willing to leverage your relationships with your peers. Nobody is an island. They say that a tree does not make a forest.” It was within that context, he said, that T2 experienced direct attempts to undermine its progress. “One of our competitors wanted us to fail,” he stressed, noting the resistance the company encountered while attempting to rebuild.

Banigbe told the audience that the company had inherited significant structural and financial challenges, emphasizing the heavy burden of unsustainable fixed costs.

“When you are running a business, your fixed cost is eight times your revenue, which means that you are potentially in debt,” he stated.

He explained that the organization had no choice but to face its challenges directly, implementing a structured recovery plan organized into four phases.

Banigbe likened the process to a Formula 1 race, saying it was like “changing the engine and the tyres while the vehicle is in motion.”

He noted that the company had to invest prudently while navigating the realities of the current economic climate, particularly the pressure from dollar-denominated costs. “In the digital world, it’s not about owning infrastructure; it’s about accessing it,” he said, emphasizing the importance of collaborations and shared platforms for survival.