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.
Details of the deal are fuzzy right now. However, MTN has been exploring acquisitions as it finds ways to boost revenue from data outside South Africa.
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”.