ZOOMmobile projects increased earnings

ZOOMMobile, projects increased earnings, on account of an on-going network expansion and re-branding which follows the taking on of high net worth investors in a recent private placement. Ken Aigbinode, the executive vice chairman of the company, who would not disclose figures, said ZOOMmobile is gathering the financial and technical muscle to reposition itself as a national mobile services provider, taking full advantage of its universal access licence.

He added that the network intends to compete at an even keel with the biggest existing operators. His words: “There are new shareholders. We didnt do a public offer. We did a private placement which brought in significant investors. We are not allowed to disclose names. A public offer announcement will be made in due course”. He further disclosed that the company would be willing to commit up to N5 billion on its re-branding exercise.

Aigbinode announced that ZOOMmobile currently has about 1.5 million subscribers and has acquired the 0707 numbering scheme, comprising 10 million lines from the Nigerian Communications Commission (NCC), having exhausted the initial numbering scheme allocated it.

“We have sold over 1.8 million lines and we have 1.5 million active subscribers He said that studies conducted by te NCC and others indicated that there was still a lot of room for expansion and investment in the Nigerian telecom sector. Revenues attending such opportunities, he said should be captured by a patriotic Nigerian company.