StockMarketWire.com - Airtel Africa said it had entered into an agreement with Intercellular Nigeria to acquire an additional 10 MHz spectrum in the 900 MHZ band in Nigeria for $70m.

The acquisition of this additional spectrum would allow Airtel Nigeria, a subsidiary of Airtel Africa, to expand and strengthen its LTE network across the country, the company said.

The acquisition is subject to regulatory approval by the Nigerian Communications Commission (NCC).

'With an overall smartphone penetration of more than 35% and data consumption growing by 92% in the six months' period ended 30 September 2019, Nigeria presents a significant growth opportunity in data,' said Raghunath Mandava, chief executive of Airtel Africa.


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