By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Ntel Seeks $1bn For Mobile Broadband Growth
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

Ntel Seeks $1bn For Mobile Broadband Growth

Farouk Mohammed
By Farouk Mohammed
Published: April 6, 2016
Share
3 Min Read
SHARE

Ntel-Featured-1

Nigerian Internet provider, ntel, is seeking more than $1 billion to invest in 4G mobile broadband by 2020 as the owner of the former Nigeria Telecommunications Limited (NITEL) seeks to take advantage of a rising number of smartphone users in Africa’s most populous country, reports Bloomberg.

“We are speaking to investors and to banks who are interested in a growth story for Africa,” Chief Executive Officer Kamar Abass, 51, said in an interview on March 31.

“We are seeing the very beginnings of a shift from a voice-oriented communications market in Nigeria to one that will be dominated by mobile broadband.”

- Advertisement -

Sub-Saharan African mobile Internet companies are attracting investment because of a lack of fixed-line infrastructure to support rising demand for online access. Smile Telecoms Holdings Ltd. raised $365 million in August to expand its wireless Internet network in Nigeria, Uganda and Tanzania, while Lagos-based MainOne Cable Co. said in July it plans to raise $300 million.

Africa’s biggest economy had about 149 million active mobile-phone lines as of end January, according to the Nigerian Communications Commission, yet most users are restricted to 2G voice and text messaging due to the low penetration of smartphones.

Nigeria’s population is forecast by the World Bank to reach almost 207 million by 2020 from about 170 million now, and ntel expects Nigeria’s mobile-broadband customer numbers to rise significantly by 2020, Abass said.

MTN Group Ltd., Nigeria’s biggest mobile-phone operator, plans to expand Internet services after agreeing to buy broadband provider Visafone Communications Ltd. in January. MTN went ahead with the deal, which was challenged in court by Abu Dhabi-based Emirates Telecommunications Group Co, even as the Johannesburg-based company battles to reduce a record $3.9 billion fine in the country for missing a deadline to disconnect unregistered subscribers.

- Advertisement -

Ntel’s investment target includes the $252 million that the company paid to acquire state-owned landline provider Nigerian Telecommunications Ltd. and its mobile unit MTel in 2015.

It is owned by Nigerian investors including Olatunde Ayeni, the chairman of Skye Bank Plc, and has a partnership agreement with closely held Hong Kong Telecommunications.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:Ntel
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article Governor Ambode Appeals to Lagosians Over Fuel Crisis & Power Shortage
Next Article PHOTOS: Obasanjo and Patience Jonathan Hug Romantically, Dance Together

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 3 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Tinubu Warns Lagos, States Against Unauthorised Island Approvals, Vows to Revoke Encroachments
News
Shettima Inaugurates African Medical Centre of Excellence in Abuja, Hails New Era in African Healthcare
News
Tinubu Pledges Increased Infrastructure Funding, Calls for State-Federal Collaboration on Approvals
News
Trump and Musk Feud Deepens as Accusations Fly Over Policy, Power, and Personal Ties
International
Elon Musk Says Trump Would Have Lost 2024 Election Without His Support
International Top stories
- Advertisement -
Ad imageAd image

You May Also Like

Ooni of Ife
News

Ooni of Ife Calls Wike’s Ministerial Appointment a “Mystery”, Urges Academic Study

Muhammad A. Aliyu
Muhammad A. Aliyu
June 5, 2025
News

Nigerian Army Foils Kidnapping Attempt, Arrests Suspects in Ondo State

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 5, 2025
NewsTop stories

Former Petroleum Minister Prof. Jibrin Aminu Passes Away at 85, Leaving a Lasting Legacy

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 5, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?