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NCC Attracts N907.8 Billion Investments in Four Months(AllAfrica Via Acquire Media NewsEdge) The Nigerian Communications Commission (NCC) may have attracted the sum of $5.7 billion, about N907.8 bn in the first quarter of this year. These are funds brought together from both local and foreign direct investments by various consortiums of banks and financial institutions. Within the period under review, the dominant operator in the telecommunication sector, MTN Nigeria Communications had sunk $3 billion, about N473.64 bn, into its network expansion project. This was followed by the financial vote channeled to network readiness for MNP by Airtel Nigeria to the tune of $1.5 billion, which stood at about N236.82 billion, then came the $1.2bn by Etisalat Nigeria, while Glo reportedly invested $50,000,000 bn based on the decision to build monthly, at least, 200 Base Transceiver Stations (BTS) with each month sequel to MNP launch estimated at $250,000 monthly which amounts to $200 million, about N31.576 billion The Chief Executive Officer, MTN, Mr. Brett Goschen, had described the securing facilities as strategic collaboration between MTN Nigeria and local and international financial institutions. While commending NCC for the enabling environment, extended appreciation to participating financial institutions for passing a vote of confidence in MTN, noting that the loan indicates the strength of the Nigerian financial institutions and their ability to stimulate significant economic growth in the nation based on relatively attractive investment climate in the country. He pointed out that $3bn about N473,6 bn from banks is for network expansion, hence the loan is a boost to the telecommunication development in the country. Stressing that the facility, would enable the company further expand, modernise and improve its network infrastructure comprised of $1.8 billion in additional facilities and $1.2 billion of an existing restructured local facility. The facilitating banks for this MTN loan include Zenith Bank - N55 billion; Guaranty Trust Bank - N40 billion; First Bank - N40 billion; and Access Bank - N35 billion, just as Mr. Goschen said the collaboration would further drive the growth and deepen the telecommunications services in Nigeria. Also, the Chief Executive Officer, Etisalat Nigeria, Mr. Steven Evans, had disclosed that Etisalat got a path on the back from 13 prominent banks in Nigeria to expand its network to the tune of US$1.2 billion, about N189.959 billion, as a syndicated loan. He also said the company plans to use the proceeds to refinance the existing commercial medium term debt of US$650 million about N102 billion to continue its network rollout across Nigeria. "We aim to continue to focus on our network expansion, our investment in 3G, as well as ensuring we offer the uncompromising network quality and customer service our subscribers have come to expect from us," Mr. Evans said. For Chief Executive Officer, Airtel Nigeria, Mr. Segun Ogunsanya said the Airtel network has capacity to double its current subscription number of 25million in readiness for MNP. This, he said, follows the loan facility it took to the tune of $1.5 billion, about N236.82 billion. Globacom had prior to the introduction of MNP disclosed plans to install about 200 base stations monthly since first quarter of this year. According to the Group Chief Operating Officer, Mr. Jameel Mohammed, Glo was set in terms of system readiness, process readiness and operational readiness for the smooth takeoff of mobile number portability on its network. Copyright Daily Trust. Distributed by AllAfrica Global Media (allAfrica.com). |