" ITREALMS: Celtel investment in Vmobile is a boost – Partner

Wednesday, August 16, 2006

Celtel investment in Vmobile is a boost – Partner

Remmy Nweke

Chief executive, Time & Chance Limited, top partner of Vmobile, Mr. Kenneth Edet has lauded the recent acquisition of the Global System for Mobile communication (GSM) operator by CelTel of Netherlands, saying it would boost the nation’s Foreign Direct Investment (FDI).

As said by him, the investment was a market of confidence in the Nigerian economy by the international business community, specifically for the telecommunications sector.

“For any foreigner to decide to invest $1.1 billion in any economy is indicative of the high confidence reposed in such an economy by the investor,” said Edet, who was one of the 22 Vmobile Trade Partners sponsored by Vmobile to Germany to watch the last world cup.

Nigerians, he also said, would soon begin to witness an unprecedented transformation of the nation’s telecom industry at the end of the on-going re-branding of Vmobile by Celtel.

He disclosed that Celtel was excited by the magnitude of potential of the Nigerian market and would work at attaining leadership of the market in the near future.

Mr. Edet noted Celtel is already in 14 other African countries but sees the Nigerian market as one in a million, stressing that existing trade partners of Vmobile are prepared to cooperate with the Celtel Group to take Nigeria’s telecommunications industry to greater heights.

“We are determined to work with them because they mean well for our economy,” he said.

The Time and Chance boss, also pointed that the dawn of Celtel would further engender competition in the market to the benefit of telecom subscribers and GSM users precisely in the country, even as he foresees further reduction on call tariffs through such investment.

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