ZoomMobile, formerly Reltel Wireless, forecasts revenues of NGN4.6 billion (USD39.7 million) for 2008, rising to NGN7.9 billion in 2009, NGN16.1 billion in 2010 and NGN19.7 billion in 2011. According to local newspaper BusinessDay, the company is preparing to raise additional funding via an IPO after having recently undergone a private placement. ZoomMobile’s executive vice chairman, Ken Aigbinoje, announced that the firm currently has about 1.5 million active subscribers and that it has acquired the ‘0707’ numbering scheme comprising ten million lines from the regulator, the NCC. Network coverage includes 62 cities and 350 villages and the company plans to have a presence in all 774 local government areas by the end of 2008.
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