New investor injects $6m into O'Net, targets 50,000 customers

A CANADIAN firm, Concave International, has injected about N920 million into the ailing O'Net Communications in a new public-private partnership arrangement aimed at repositioning it for better performance.At a joint press conference by the two teams where the new O'Net, a subsidiary of Odua Investment Company Limited was unveiled, the Managing Director of the telecoms outfit, Mr. Ade Ayoola said the basic problem of interconnectivity, call quality, redundancy, SMS capability and international calls associated with O'Net have been resolved.He explained that the agreement with the Canadian firm, which was signed six months ago, was premised on financial and technical management.Apart from bringing its people on board, Ayoola said Concave International has injected funds and brought its technical expertise to bear on the ailing firm with a view to making it perform better.With less than five thousand customer base early in the year, the O'Net boss said the number has since shot up to 15,000 in less than six months and expressed hope that it will increase to 50,000 before the end of the year.Already, Ayoola said the firm has received support from two of the owner state governors of Odua Conglomerate in terms of patronage adding that as part of its expansion programme, the company would build 26 more base stations in the next few months thereby bringing the total to 50 while plans are underway to build another backbone site at Sagamu to complement the one at Ikeji in Osun State.'Supposing the backbone in Ikeji goes down, the one to be built in Sagamu will support, so that the operations of the telecom company will not be at a standstill, and will supply other areas within the South-west.'As a regional player in the telecommunications sector, the O'Net boss appealed to the Federal Government to evolve aplan that will encourage community and regional players like the O'Net to enjoy some preferential treatment.According to him, O'Net licensed as a regional player in the telecommunication industry is in a better position to provide better telecommunication service to the rural communities than others and as such the time has come for the Federal Government to give necessary concession to regional player such as O' net.The Group Managing Director of the conglomerate, Adebayo Jimoh disclosed that about $3 million USD (N456 million) has been expended on the procurement of inter connectivity materials to link fibre cable with MTN and Glo while assuring that the company is set to capture the market in the South West and will be the preferred telecommunication company in the region.
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