State government invests USD67.5 million in Celtel

6 Mar 2007

The government of Akwa Ibom, a small state in the south-east of Nigeria, has announced the investment of USD67.5 million for an undisclosed stake in the equity of Celtel Nigeria, the country’s third largest cellco by subscribers. Governor Victor Attah said the investment was in recognition of the strategic role communication plays in the nation’s economic and industrial development. Celtel Nigeria ended 2006 with 6.396 million. It is 65%-owned by the MTC Group of Kuwait, via its pan-African subsidiary Celtel International.

Nigeria, Airtel Nigeria