Celtel announces investment plan

29 Jan 2007

Celtel Nigeria, part of Kuwait’s MTC Group, has revealed plans to inject NGN185 billion (USD1.4 billion) into the company during 2007. MTC’s CEO, Dr Sa’ad Al-Barrak, visiting Nigeria for the first time since his company purchased a 65% stake in Vee Networks in May 2006 said the new money would enable Celtel to pursue aggressive infrastructure development and improve quality of service. Celtel Nigeria ended the third quarter of 2006 with close to six million subscribers. MTC Group has operations in 20 countries worldwide, including 15 in Africa.

Nigeria, Airtel Nigeria, Zain Group