Telecommunications giant Celtel International, which recently acquired 65 percent of Vmobile, plans to invest US$700 million to expand the network of the Nigerian GSM company, the local press reported Sunday.
The report, quoting Celtel boss Marten Peters, said his company was eyeing 30 percent of the fast-growing Nigeria's mobile phone market, currently dominated by the South African company MTN.
Peters said the amount to be invested excluded expenditure for the re-branding of Vmobile, to be known as Celtel.
Explaining its investment in Nigeria, Peters said: "One out of seven subscribers in Africa will be a Nigerian and that is very exciting that over time, it would overtake the South African market in Africa."
Celtel, a subsidiary of Kuwaiti-based telecommunications firm MTC, currently operates in 14 other African countries.
MTC has 22 million lines in its network, with 15 million of the number in Africa alone.
With its acquisition of Vmobile, Celtel's African subscriber base will increase to 22 million lines.
Celtel acquired 65 per cent of Vmobile 1 June 2006 for USD1.005 billion.
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