MTC Group Managing Director Meets with Nigerian President

27 January 2007
Content from a Premium Partner
Celtel (Amsterdam)
press release

Company's investment in Celtel Nigeria to reach USD$2.5 billion, customer base to reach 12 million by end of 2007

His Excellency Chief Olusegun Obasanjo, President of the Federal Republic of Nigeria met with the Managing Director / Deputy Chairman of the MTC Group, Dr. Saad Al Barrak, in Abuja to discuss a wide range of issues regarding telecommunications in Nigeria. Dr Al Barrak underscored MTC's commitment to Nigeria pledging to invest up to US$ 2.5 billion in Celtel Nigeria by end of 2007. His Excellency Chief Obasanjo emphasized the importance of telecommunications for the ongoing development of Nigeria.

In May 2006, MTC acquired a 65 % stake in Nigeria's third largest mobile operator, V-mobile. Within ninety days the company re-branded and now operates under the Celtel brand throughout Nigeria. In addition, Celtel in Nigeria embarked on an impressive investment program to significantly expand coverage and improve quality of service for its customers. On average, Celtel has added more than 120,000 new customers a week and now serves more than 6.5 million customers. It is expected that this customer number will reach 12 million by the end of 2007.

Dr. Saad Al Barrak commented, "I was honoured to meet His Excellency, Chief Obasanjo and to underscore MTC's long-term commitment to telecommunications in Nigeria, through our presence in the country. Nigeria is one of the fastest growing markets for mobile communications in the world and we are determined to bring the best quality telecommunications services to Nigerians."

Enquiries:

Ibrahim Adel, Phone: +96 59006779

Martin de Koning, Phone: +31 6 558 22 409

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