On September 12, 2023, Blackwells Capital LLC announced that it has issued a statement to IHS Holding Limited regarding the need for leadership changes at the Company, including a reconstitution of the Company?s board of directors and the replacement of the CEO and Chair Sam Darwish. As well as, Jason Aintabi, Chief Investment Officer of Blackwells, commented on the Company?s large-scale governance, operational and strategic failings which impacted the value of investments and called for CEO and Chair Sam Darwish to step down. In addition, Jason Aintabi called on the board to urgently reconstitute in order to address disclosure issues, governance failings and the need for a new CEO.

Blackwells Capital has taken steps to initiate proper legal action to ensure that the board choose entrenchment over acting in the best interests of all shareholders.