ntel Targets $300m to Expand Network

May 26, 2017
ntel Targets $300m to Expand Network

ntel Targets $300m to Expand Network

By Dipo Olowookere

One of the GSM service providers in Nigeria, ntel, says it is planning to raise about $300 million for expansion of its network. It was gathered that the fund is specifically to make the network’s 4G expansion drive across the country possible.

Since launching its services in Nigeria, ntel has struggled to break into the telecoms market and possibly control a favourable market share. The service provider is still also trying to win the hearts of many Nigerians.

If the $300 million is raised, through the launch of a fundraising scheme, the firm hopes to spread its wings into the market.

According to Punch, “For the kind of network expansion the company wants to carry out across Nigeria, and having carefully studied the cities involved, it will need not less than $300 million to gainfully achieve it.”

Also, the Chief Executive Officer of ntel, Mr Kamar Abass, noted that the firm was already talking to some investors on this.

“We are speaking to investors and to banks who are interested in a growth story for Africa. We are seeing the very beginning of a shift from a voice-oriented communications market in Nigeria to one that will be dominated by mobile broadband,” Mr Abass said.

Recall that the firm projected about $1 billion investment in 4G mobile broadband by 2020 with this round of fundraising.

In the first round of the fundraising, it used about $252 million to acquire assets, while proceeds from the second round were used to purchase equipment and the systems and facilities used to for its initial roll-out.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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