Vodacom still wants to enter Nigeria

28 Feb 2006

South Africa-based Vodacom Group has revealed that it is still interested in entering the Nigerian mobile market and will continue pursuing the acquisition of a controlling stake in cellco Vee Networks. The revelation comes just days after Vodacom pulled out of talks with the Nigerian mobile operator saying that the asking price was too high. Vee Networks is 60% owned by private investors and 40% by state-controlled investment companies. Its biggest shareholders are First Bank of Nigeria (20.1%), AKIIPOC (18.1%), Broad Communications (13.1%), Delta State Ministry of Finance (10.7%), Ibile Holdings (10.7%) and O&O Networks (10%).

Nigeria, Airtel Nigeria, Vodacom Group