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Banks Provide $100m Facility for Main One

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Skye 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.

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.



MainOne has joined a diverse group of private and public sector players to launch the Alliance for Affordable Internet (A4AI), a coalition that will lead policy and regulatory reform to cut cost of high internet prices in developing countries.

By advocating open, competitive and innovative broadband markets, MainOne and other members of A4AI aims to help internet access prices fall to below 5 per cent of monthly income worldwide, a target set by the UN Broadband Commission.

A4AI was unveiled at the Commonwealth Telecommunications Organisation’s Annual Forum in Abuja which was witnessed by communications ministers, policy makers and industry leaders from around the globe.

Commenting on the initiative, Chief Executive of MainOne, Ms. Funke Opeke, said, “Driving down artificially high internet prices will help to connect the high percentage of Nigerians especially the youths who are presently not connected to the internet and make universal access to internet a reality.”

Opeke added that MainOne would be supporting A4AI because the coalition’s objectives are in tandem with MainOne’s vision of delivering accessible and affordable internet to people across its various markets.

A4AI is made up of over 30 members from across boundaries of geography, industry, and organisation type and include governments, companies, and civil society organisations from both developed and developing countries. Members share a belief that policy reform, underpinned by robust research and genuine knowledge-sharing, is one of the best ways to unlock rapid gains in internet penetration rates.

The Alliance was initiated by the World Wide Web Foundation, and its honorary chairperson is Dr. Bitange Ndemo, the immediate former Permanent Secretary of Kenya’s Ministry of Information and Communications, who is widely regarded as the father of Broadband in Kenya.

Speaking on the Alliance, inventor of the Web and founder of the World Wide Web Foundation, Tim Berners-Lee said “The reason for the Alliance is simple – the majority of the world’s people are still not online, usually because they cannot afford to be. In Mozambique, for example, a recent study showed that using just 1GB of data can cost well over two months’ wages for the average citizen.”

He added “The result of high prices is a digital divide that slows progress in vital areas such as health, education and science. Yet with the advent of affordable smartphones, new undersea cables and innovations in wireless spectrum usage, there is simply no good reason for the digital divide to continue. The real bottleneck now is anti-competitive policies that keep prices unaffordable. The Alliance is about removing that barrier and helping as many as possible get online at reasonable cost.”

The Alliance plans to begin in-country engagements with three to four states by the end of 2013, expanding to at least twelve countries by the end of 2015.

Article Credit: Thisday Newspaper

Updated 5 Years ago

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