Business Smile Communications Nigeria To Invest $292 Million Locally


Temitope Akinola
Smile Communications Nigeria Limited has said it will invest 80% of the $365 million debt and equity financing raised through its parent company locally.


This was made known to journalists by the chairman of the Smile Com. Nigeria, Dr Ernest Azudialu-Obiejesi.

He said Smile Telecoms raised the funds through local banks in Egypt, Nigeria, international banks and shareholders and were able to raise $365 million (87.6 billion), as debt and equity financing. The fund which is to accelerate its 4G LTE network expansion into Africa, especially in Nigeria, where it has its biggest market in the continent.

He added that the fund will also be used for the telecom's new initiative in Nigeria, the clear voice over, where it will be offering clear voice services to Nigerians.

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Source: allAfrica
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