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Wednesday, May 20, 2020 / 07:17 PM / By MTN / Header Image Credit: MTN
MTN
Nigeria has said that it plans to invest at least NGN600 billion to increase 4G
network across the country from the current 40% coverage. This was disclosed at
the ICT company's first Annual General Meeting (AGM) held on Friday May 15,
2020.
The
AGM which was made accessible to the public virtually via the company's Youtube
channel was the first since the company listed on the Nigerian Stock Exchange
and became a Public Limited Company in 2019.
Given
the prevailing circumstances amidst the COVID-19 pandemic, key executives from
MTN Group such as the Group Chief Executive Officer, Rob Shuter and the Group
Chief Finance Officer, Ralph Mupita joined the AGM virtually via web
conferencing.
The
company through its chairman; Ernest Ndukwe announced that plans are in place
to continue the prioritisation of the 4G network expansion to link more people
to high speed internet access. "This investment will enable us to deepen
population coverage and support the Federal Government's broadband initiative," Mr. Ndukwe added. This translates to NGN600 Billion Naira worth of investment
over the next three years.
Earlier
in April, the company released its Q1 2020 financial result and announced a
16.7% increase in service revenue to NGN328.5 billion which shows the company's
strong business standing.
According
to the CEO of MTN Nigeria; Ferdinand Moolman, some of the funds will be
allocated to modernise certain areas of the network as well as extending
coverage across the country to rural areas.
This
is news that will potentially boost investors' confidence especially as the
company continues to record double digit growth in digital and fintech
services.
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