MainOne to raise $300M to boost internet connectivity in West Africa

Funke Opeke, CEO, MainOne

MainOne Cable Co., which operates an undersea cable connecting West Africa, plans to raise $300 million to expand Internet services and connectivity in Nigeria and the wider region.

The funding may come from additional shareholder equity, loans or through a bond sale within the next five years, Chief Executive Officer Funke Opeke said in a July 7 interview in Lagos, Nigeria’s commercial capital. The company, which has already invested $300 million in the past five years, will expand its data centers and submarine cable infrastructure in Cameroon, Ghana, Ivory Coast and Nigeria as more companies move “their business model online,” Opeke said.

Read more: MainOne Plans to Raise $300 Million for West African Expansion – Bloomberg Business