MTN Nigeria raises the stakes, acquires VGC Comms

THE year 2007 forecast by industry analysts predicted great hope for the telecom sector in Nigeria based on growth trends and urban-rural penetration expectation. And with only few weeks into the year, surprise is the one word to describe renewed investment flow into the sector, first with the Middle Eastern firm Mobadala, expending a princely 400 million dollars for a unified telecom licence and now, the country’s leading telecom provider MTN Nigeria Communications’ successful acquisition of a 100 per cent shareholding of VGC Telecommunications Limited, from erstwhile owners, Modern Communication Technologies Inc. (MCT) Gilbratar, Tele- communication arm of Globe International Holdings S.A. Read more