MainOne secures USD100m facility to fund expansion

11 Oct 2013

MainOne Cable, a wholesale communications service provider in West Africa, has received a USD100 million refinancing facility from a consortium of banks to help drive the company’s growth plans across Nigeria and the rest of the region, BusinessDay reports. Standard Chartered Bank Limited, Skye Bank, First Bank of Nigeria and First City Monument Bank provided the financing, which will enable the Nigerian submarine cable firm to pursue further expansion of its terrestrial fibre networks and data centre operations. Commenting on the arrangement, Bola Adesola, Standard Chartered Bank Nigeria’s MD and CEO, said: ‘We are proud to invest in MainOne Cable Nigeria as the company is one of the largest telecom operations in West Africa. We believe this is a turning point for domestic growth and development in our local economy.’

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