9th Jan 2023 09:21
(Alliance News) - Airtel Africa PLC on Monday said that its Nigerian subsidiary, Airtel Networks Ltd, has purchased additional spectrum for network expansion in Africa.
Airtel Africa is a London-based, Africa-focused telecommunications company.
Its subsidiary, Airtel Nigeria, purchased 100 megahertz of spectrum in the 3,500 megahertz band from the Nigerian Communication Commission.
Also included in the purchase was 2x5 megahertz of 2,600 megahertz.
The total consideration was USD316.7 million, payable in local currency.
Airtel said that the additional spectrum would support its investments in network expansion for both mobile data and fixed wireless home broadband capability.
"Nigeria is a market with enormous potential for future growth in mobile services. Investment in new technologies and local infrastructure to enable this growth is a strategic priority for the group and will ensure we are able to provide reliable and affordable services to local communities across the country," said Chief Executive Officer Segun Ogunsanya.
"5G is critical to these ambitions, and we look forward to launching new services to drive further digitalisation across the country, facilitate economic progress and transform lives across Nigeria."
Airtel Africa shares were trading 3.8% lower at 113.80 pence each in London on Monday morning.
By Holly Beveridge; Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.