Visafone Communications Limited, the fast-growing telecom operator promoted by Jim Ovia, has launched a private placement to raise N30 billion, aiming to expand its network infrastructure and boost its market presence.
Industry sources confirmed that the company is offering 100,000 units at N16.90 per share to select investors, with Zenith Capital serving as the issuing house.
According to company insiders, proceeds from the offer will be directed towards expanding Visafone’s base stations, strengthening its fibre-optic backbone, and increasing working capital. The private placement, which commenced on January 5, 2009, will run until February 6, 2009.
Strategic Expansion and Acquisitions
Visafone, which entered the Nigerian telecom market just 11 months ago, has made aggressive moves to position itself as a dominant player.
The company was incorporated on June 20, 2007, and received its Unified Access Service Licence (UASL) from the Nigerian Communications Commission (NCC) on August 1, 2007. This license enables it to operate both fixed and mobile services across the country.
To achieve nationwide coverage, Visafone acquired Cellcom, a Lagos-based telecom operator, and later expanded its footprint by acquiring Bourdex Telecom, a major telecom player in the South-East. Additionally, Visafone secured ITN, another company with strong operations in Lagos, further solidifying its market strength.
Currently, Visafone operates in 18 states, covering 160 cities and towns, with an installed capacity capable of supporting up to 5 million subscribers.
With its UASL, 800 MHz spectrum, and strategic acquisitions, Visafone is positioning itself to become Nigeria’s premier telecom operator, delivering seamless, high-quality services with superior network clarity and extensive coverage.
WiMAX Deployment and Future Plans
As part of its ambitious expansion strategy, Visafone is in discussions with global technology providers, including Harris Stratex, to deploy WiMAX—the next-generation wireless broadband technology.
WiMAX will enable Visafone to provide high-speed mobile internet access for devices such as notebooks, smartphones, gaming consoles, and other consumer electronics. This move is expected to set Visafone apart from competitors, making it the network of choice for superior voice and data services.
A Competitive Edge in the Nigerian Market
Currently, Visafone is the only telecom operator in Nigeria with a combination of a Unified Access Service Licence and 800 MHz spectrum nationwide, giving it a significant competitive edge.
The company is aggressively expanding its service offerings, providing:
•Crystal-clear voice services
•High-speed data (3G)
•Reliable internet access
•Innovative Value-Added Services (VAS)
Visafone aims to deliver top-tier telecom solutions to individual customers, corporate entities, and SMEs across Nigeria.
With its latest N30 billion fundraising initiative, Visafone is reinforcing its commitment to innovation, service quality, and national expansion, positioning itself as a major force in Nigeria’s telecommunications sector.
