South African cellco Vodacom has failed to gain a footing in the Nigerian market once again, after pulling out of talks with mobile operator Vee Networks (V-Mobile) saying that the asking price was too high. Vodacom was rumoured to be looking to buy a 51% stake in the cellco for around USD250 million. It has been trying to enter the Nigerian market for several years, ever since its rival MTN witnessed strong growth at its own Nigerian investment. Vee Networks is 60% owned by private investors and 40% by state-controlled investment companies. Its biggest shareholders are First Bank of Nigeria (20.1%), AKIIPOC (18.1%), Broad Communications (13.1%), Delta State Ministry of Finance (10.7%), Ibile Holdings (10.7%) and O&O Networks (10%).
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