Phone manufacturer Tingo buys 51% stake in MTI

11 Jun 2014

Nigerian mobile phone manufacturer Tingo Mobile has agreed to buy a 51% stake in cable network operator Mass Telecom Innovation Nigeria (MTI) for NGN4 billion (USD24.3 million). Bloomberg cites Tingo’s CEO Dozy Mmobuozi as saying that Lagos-based MTI will be rebranded and remain listed on the Nigerian Stock Exchange, adding that the company is aiming to ‘reach out to the mass market’ through the acquisition. MTI, which was incorporated in December 2001 and commenced operations the following year, says it offers high-performance infrastructure that assists service providers, enterprises and private sector organisations.