CELTEL ANNOUNCES $1.4BN NETWORK EXPANSION PLAN IN NIGERIA

Telecoms

MTC Group has announced plans to inject $1.4 billion (N325 billion) in Celtel Nigeria within the next 19 months to expand its network. The MTC Group Chief Executive Officer and Vice Chairman, Dr. Sa'ad Al-Barrak who disclosed this over the weekend said the company will inject $1.4 billion (about N182 billion) in 2007 into Celtel Nigeria, bringing its total Foreign Direct Investment in Nigeria to N2.5 billion (N325 billion) in 19 months.

Al-Barrak stated this during a World Media Briefing in Lagos to round up his maiden visit to the country and explained that the new investment in Celtel Nigeria would enable the company pursue aggressive infrastructural development and quality service.Al-Barrak said the Group will pursue an aggressive expansion in Nigeria, adding that the country by virtue of its huge market size and relevance to the political and economic fortunes of the continent will play a significant role in its plan to become a global operator by the year 2011.

Daily Trust