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Blackwells Capital Reiterates the Need for Immediate Leadership Changes at IHS Holding Limited

Believes the Board’s Complacency and Unwillingness to Hold CEO and Chair Sam Darwish Accountable in the Face of Ongoing Value Destruction Must End

Calls on the Board to Urgently Reconstitute in Order to Address Disclosure Issues, Governance Failings and the Need for a New CEO

Blackwells is Prepared to Take Necessary Legal Steps Should the Board Choose Entrenchment Over Acting in the Best Interests of All Shareholders

Blackwells Capital LLC (together with its affiliates, “Blackwells”), a long-term shareholder of IHS Holding Limited (NYSE: IHS) (“IHS” or the “Company”), today issued a statement regarding the urgent need for leadership changes at IHS, including a reconstitution of the Company’s Board of Directors (the “Board”) and the replacement of the CEO and Chair Sam Darwish.

Jason Aintabi, Chief Investment Officer of Blackwells, commented:

“Since IHS’ initial public offering nearly two years ago, we have observed large-scale governance, operational and strategic failings which continue to impact the value of our investment. In past communications, we have called for CEO and Chair Sam Darwish to step down, while voicing our serious concerns with an inept Board kowtowing to his whims. Even the most basic suggestions have been met with resistance, despite the Company’s share price dropping nearly 82% to date and a growing wave of unaffiliated shareholders voicing their concerns with the Company’s failings.1 Just last week, MTN Group Ltd. announced it is transferring approximately 2,500 Nigerian tower contracts from IHS to American Tower – meaning the state of affairs has grown so dire that IHS’ largest investor would rather send business to a direct competitor than support the Company.2 This unwelcome event comes on the heels of IHS reporting a nearly $1.25 billion loss in the second quarter, much of it the apparent result of foreign currency losses despite assuring investors that its exposures were mitigated with effective hedging strategies. Further, leadership incurred these losses in Nigeria – the same country where IHS is now poised to lose its tower leases – and did nothing to offer shareholders a meaningful explanation for such abysmal financial results.”

Mr. Aintabi continued:

“What is clear to Blackwells is that the status quo at IHS cannot continue – as the Company’s share price decline of more than 30% in the past two days alone demonstrates. This Board and Mr. Darwish must no longer be allowed to hide behind Cayman law to avoid accountability and proper disclosures. We believe the Board must be reconstituted immediately with shareholder-designated directors and that the process to appoint a new CEO must begin in the near term. Only then can the hard work begin of cleaning up the mess that this Board and its current CEO have perpetuated since day one.

Blackwells is hopeful that the Board will recognize the will of shareholders and act promptly. However, should the IHS directors instead choose to continue entrenching themselves and squandering shareholder capital in the process, we have taken steps to initiate proper legal action to ensure that leadership changes this Company so desperately needs can occur.”


1Based on the closing price as of September 11, 2023 ($5.31) and IHS’ October 2021 initial public offering price ($29.00).

2MTN Makes Deal with American Tower to Run its Nigerian Towers (Bloomberg, September 8, 2023).

About Blackwells Capital

Blackwells Capital was founded in 2016 by Jason Aintabi, its Chief Investment Officer. Since that time, it has made investments in public securities, engaging with management and boards, both publicly and privately, to help unlock value for stakeholders, including shareholders, employees and communities. Throughout their careers, Blackwells’ principals have invested globally on behalf of leading public and private equity firms and have held operating roles and served on the boards of media, energy, technology, insurance and real estate enterprises. For more information, please visit


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