Nigeria’s PNN to get US$4 million to develop services

Mergers, Acquisitions and Financial Results

Private Networks Nigeria Limited (PNN), an NCC licensed telecommunications company, set up to provide various telecoms services in the communications sector and the winner of the Best Value Added Service Provider for Year 2004, at the Nigerian Telecoms Awards, has announced that it has secured additional funding for her operations from Aureos West Africa Fund (AWAF). AWAF is injecting Four million dollars (USD 4 Million) into PNN to expand her operational base as well as introduce various new innovative service offerings.

Speaking at a media parlay recently, Alhaji AbdulRahman-Abiola-Odunowo(AJ) confirmed that the investment of AWAF in PNN will further position PNN in taking leadership position in her 4 core areas of operations. "As you are aware, PNN has been in the fore front of providing integrated site maintenance within the telecommunications sector since 2003. With this investment, PNN will now be able to expand its capacity to effectively manage between 2,000 and 3,000 BTS within Nigeria and West African sub region. Also, PNN will in the nearest future be offering sales of mobile phones and accessories in the One hundred and Five (105) retail outlets it will be opening during the next 12 months"

Also speaking at the media event, Jacob Kholi, the Managing Partner for Aureos West Africa Jacob Kholi, the Managing Partner of the AWAF, said that the investment in PNN fits well with its portfolio strategy of identifying and investing in companies that have strong fundamentals in their respective industries. He noted that the investment will strengthen the company ahead of its competitors to enable it take advantage of the many opportunities in the telecoms services sector and facilitate the generation of good returns to all stakeholders.

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