Helios Towers to receive USD250 million capital injection

14 Oct 2009

The International Finance Corporation (IFC), a member of the World Bank Group, has announced it is investing USD100 million in Helios Towers Nigeria as part of a USD250 million capital injection. Helios Towers builds and maintains a network of telecoms towers and leases space to wireless services providers. The funds will be ploughed into increasing the company’s network of communications towers to 2,000 sites nationwide, increasing telecoms coverage to help mobile operators roll out services more economically, especially in rural areas. ‘The IFC’s long term investment enabled us to leverage additional funding from capital markets, which is often not readily accessible for frontier markets,’ noted Kayode Akinola, director and investment principal at Helios Investment Partners, adding, ‘Nigeria remains one of the most high-growth telecom markets worldwide and wireless infrastructure sharing will continue to play a critical role in supporting operators in efficiently providing services to customers.’