MTN To Invest $1.5Bn For Broadband Expansion
OLABISI OLALEYE
Dominant telecommunication operator, MTN Nigeria said plans underway to invest N640 billion (approximately US$1.5 billion) over the next three years to expand broadband access across the nation.
The company stated that the plan was in line with the federal government’s 2020-2025 National Broadband Plan and in support of MTN Group’s strategy, Ambition 2025: Leading digital solutions for Africa’s progress.
MTN Group President and Chief Executive Officer Ralph Mupita after a three-day visit to Abuja and Lagos, in which he met a number of key stakeholders said; “Nigeria is one of our most important markets. We have a proud history of partnering with Nigeria and Nigerians to drive faster and more inclusive growth through digital transformation.”
The MTN delegation met with President Muhammadu Buhari; Vice President Yemi Osinbajo; Minister of Communications and Digital Economy Dr Isa Ali Pantami; Executive Vice Chairman Prof Umar Garba Danbatta; as well as Central Bank of Nigeria Governor Godwin Emefiele.
He also disclosed that the telco would be building a new flagship headquarters in Lagos to commemorate the 20th anniversary of MTN’s operations in Nigeria.
He explained that MTN Group’s plans to sell down 14 percent of MTN Nigeria to Nigerian investors were well advanced and this would happen as soon as conditions were conducive. MTN Nigeria, in which MTN Group has a 78,8 percent stake, sought to have the largest retail shareholder base on the Nigerian Stock Exchange, where it has a market capitalisation of 3.4 trillion naira (US$8.2 billion).
The MTN Group President who was accompanied by MTN Group Chief Financial Officer Tsholo Molefe, MTN Nigeria Chairman Ernest Ndukwe and MTN Nigeria CEO Karl Toriola reiterated MTN’s support for Nigeria’s plans to secure 90 percent broadband population coverage by 2025. This aligns with MTN Group’s belief that everyone deserves the benefits of a modern connected life and our work to extend digital and financial inclusion across Africa.
The delegation welcomed Nigeria’s plans to auction 500MHz of 5G spectrum: five blocks of 100MHz in the 3500MHz band, which Mupita said would facilitate accelerated broadband access.