Ntel, a Nigerian fourth-generation telecommunication services operator, is hoping to continue its vision for the company by launching an estimated $300 million fundraising drive. The investment is expected to fund the company’s 4G expansion drive across the country.
Although the company did not specify the exact amount it sought to raise, inside engineers report that nothing less than $300 million. “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 $300m to gainfully achieve it,” the source told Punch.
The company is thus approaching its projected $1bn investment in 4G mobile broadband by 2020 with this round of fundraising. The first round was for $252 million and was used to purchase the company’s assets. The second round of fundraising was used to buy the equipment and the systems and facilities the company used to carry out its initial roll-out.
The company’s Chief Executive Officer, Kamar Abass, indicated that investors are currently being sought for the project. “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.” he said.
