By InvestAdvocate
Lagos (INVESTADVOCATE)-NatCom Development & Investment Limited “NatCom” (trading as ntel) and Nigeria’s first advanced 4G/LTE network is seeking to do a private placement to raise fresh funds, a source with direct knowledge of the matter told InvestAdvocate.
The source said the private placement is expected to commence in November; but declined to give details. “We are almost through with plans to do the private placement which is expected to commence in November” the source said.
Kamar Abass, chief executive officer (CEO) of the company in April at a media briefing in Lagos to herald the launch of the network said it’s seeking more than $1 billion to invest in 4G Mobile Broadband by 2020 in order to take advantage of a rising number of smartphone users in Nigeria were most subscribers are restricted to 2G voice and text messaging due to the low penetration of smartphones.
“We are speaking to investors and to banks who are interested in a growth story for Africa and 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,” Abbass said.
ntel which made its first Voice over LTE call in Lagos on Thursday, February 25, 2016, is positioned to lead the way as Nigeria’s most Advanced 4G/LTE network at a critical moment of transition.
“We expect to see more than 50 million 4G/LTE subscribers in Nigeria by 2020 and ntel is delighted to be leading this transformation towards that critical mass of customers,” Abass added.
According to the CEO of the fifth mobile network operator in Nigeria, the company expects to see more than 50 million 4G/LTE subscribers in Nigeria by 2020.
Abass a strong advocate of 4G/LTE said at ntel, they are passionate about the power of Broadband to boost productivity and thereby transform lives and help accelerate the ongoing migration from the existing 2G and 3G services to genuinely high-speed Mobile Broadband on 4G/LTE-Advanced.
ntel in April this year went live in Abuja and Lagos with bumper offers to its first 100,000 pioneer call and data subscribers and said subsequently it will launch in other States across the geo-political zones in Nigeria.
