Banks Provide U.S.$100 Million Facility to ICT Firm


mainoneSkye Bank Plc, Standard Chartered Bank Limited, First Bank of Nigeria Limited and First City Monument Bank Plc, have provided a $100 million refinancing facility for MainOne Company Nigeria Limited to drive the growth plans of the company.

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MainOne Cable Company Limited provides wholesale broadband and wholesale bandwidth telecommunications services and land cables to telecom operators and Internet service.

Speaking at the loan signing ceremony in Lagos, the Chairman of MainOne Cable, Mr. Fola Adeola, said the facility was needed to expand the operations of the company and to further make business easy for their clients.

According to him, broadband ought to be a fundamental right, saying it is unwholesome for companies to pay four times the normal price for carrying data from one location to another.

Adeola said the fund would help make interconnectivity easier and internet access faster and more efficient for the company’s clients.

Also speaking, the Chief Executive Officer of MainOne, Ms. Funke Opeke, said the company was working on and building its data centre, which would have 600 raps of computing power and electrical power of 75kilowatts.

Opeke said their clients would be connected to the computing and electrical powers through optic fibres, which would allow them participate in the global economy and transform Nigeria and West Africa into a digital economy.

The MainOne boss explained that the company had been expanding its services to other cities in Nigeria like Abuja, Oshogbo, Port Harcourt, Kaduna and Accra, and Lome in the West African region.

Babatunde Akinsola
Babatunde Akinsola
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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