MTN Nigeria begins process to buy Visafone Telecoms


MTN is in talks to purchase Jim Ovia’s Visafone Communications of Nigeria in order to expand its reach in the country. The largest African telecom company is seeking to increase its revenue from internet data bundle sales outside South Africa as its major competitor, Vodacom Group has more subscribers.

Visafone is a wireless network provider established by Nigeria businessman Jim Ovia in 2007; Jim Ovia is also the chairman of Zenith Bank. As at December 2014, MTN Nigeria had 59.9 million subscribers which accounts for more than a quarter of its 223m total subscribers in 22 countries.

Visafone on the other hand had approximately 2.2m subscribers as of December 2014, according to statistics of the Nigerian Communications Commission. MTN spokesperson, Funmilayo Onajide said yesterday that they will send a holding statement at the appropriate time.