Airtel Africa Acquires Additional Spectrum in Nigeria
Airtel Africa Plc on Monday said that its Nigerian subsidiary, Airtel Networks Limited, has purchased additional spectrum for network expansion for gross consideration of USD316.7 million, the sum which is expected to be paid in the local currency, naira.
According to a regulatory filing, 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 2×5 megahertz of 2,600 megahertz. The total consideration was USD316.7 million, payable in local currency.
The note reads that Airtel Nigeria has purchased 100 MHz of spectrum in the 3500MHz band and 2x5MHz of 2600MHz from the Nigerian Communications Commission for a gross consideration of $316.7m, payable in local currency.
“This additional spectrum will support our investments in network expansion for both mobile data and fixed wireless home broadband capability, including 5G rollout, providing significant capacity to accommodate our continued strong data growth in the country and exceptional customer experience”.
The telecom service group stated that the penetration of data customers in Nigeria remains low, providing significant opportunity for future growth.
“The acquisition of 5G spectrum will underpin our growth strategy by enabling the launch of higher speed connectivity to enhance customer service and accelerate digitalisation for consumers, enterprises and the public sector.
“The key benefits of 5G will include higher speeds, lower latency, significant network capacity as well as an improved user experience. >>>Airtel Africa Share Price Spikes Ahead of Dividend Pay
“Furthermore, the deployment of 5G will accelerate the availability and efficiency of fixed wireless access products across the country, contributing towards Airtel Nigeria’s progress in meeting the National Broadband Plan targets”, it added.
Speaking to this, Segun Ogunsanya, Chief Executive Officer of Airtel Africa said, “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”.
Airtel Chief explained that 5G is critical to these ambitions, and the telecom company looks forward to launching new services to drive further digitalisation across the country, facilitate economic progress and transform lives across Nigeria.
Trading data indicates that Airtel Africa share plunged by 5.2% in the Nigerian stock market last week close. #Airtel Africa Acquires Additional Spectrum in Nigeria
