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MainOne secures multimillion-dollar funding

10 October 2013, 13:47

Lagos - MainOne, the leading broadband company, said it would use the $100 million loan it had secured from four local banks to expand its business across other African countries.

The Nigerian financial firms- Skye Bank Plc, Standard Chartered Bank Limited, First Bank of Nigeria Limited and First City Monument Bank-jointly provided the multimillion-dollar refinancing facility on Wednesday.

Chief Executive Officer of MainOne, Funke Opeke, said the expansion into the continent would "make business easy for their clients."

She hinted that part of the fund would be used to complete its data centre project which would have 600 raps of computing power and electrical power of 75kilowatts.

When completed, the data centre according to Opeke, would connect the company's  clients  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.

She added that the fund would help make interconnectivity easier and internet access faster and more efficient for the company’s clients.

MainOne offers telecom services and network solutions for businesses in West Africa.

Since its launch in 2010, the company has emerged as a leading provider of wholesale unternet services to major telecom operators, internet service providers, government agencies, large enterprises and educational institutions in the region.

- CAJ News

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