MTN SET TO BUY VISAFONE COMMUNICATIONS

Accroding to media reports, MTN group is currently in the process of buying Visafone Communications Ltd Nigeria, in a bid to consolidate its dominance in the telecommunication space.

Jim Ovia (a Nigerian businessman, former CEO of Zenith Bank) founded the Lagos-based wireless network provider in 2007. As at December 2014, Visafone had about 2.1 million subscribers according to data compiled by NCC, while MTN had 59.9 million.

The details of the deal have not been confirmed but according to Bloomberg, Funmilayo Onajide, a spokeswoman for MTN’s Nigerian unit in Lagos said: “We will send a holding statement at the appropriate time”.

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