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.