Nigerian Banking Tycoon Jim Ovia To Sell Stake In Telecoms Firm To MTN.

Jim Ovia
Jim Ovia
Jim Ovia, one of Nigeria’s wealthiest men, could be selling off his mobile phone company Visafone Communications anytime from now.
According to a report by Guardian Nigeria, MTN Group, Africa’s largest telecommunications company, has expressed interest in acquiring the company, and talks have begun between the two parties.

Visafone, which Ovia founded in 2007, is a Code division multiple access (CDMA) operator in Nigeria offering internet services on both CDMA 1X and CDMA EVDO. Visafone has coverage in several towns and boasts more than 2.2 million customers, according to information from the Nigerian Communications Commission.
According to the Guardian report, two officials of the South African mobile telecoms giant confirmed that a deal is in the works, but stated that both parties will release official statement at the appropriate time.
An effort to reach the Head of Corporate Communications at Visafone proved futile as his phone numbers were switched off as at the time of filing this report.
Visafone founder Jim Ovia, 61, is one of Nigeria’s wealthiest men with a fortune estimated at $850 million according to FORBES’ 2014 ranking of Africa’s 50 Richest. He founded Zenith Bank in May 1990 and grew it into one of the largest commercial banks in Africa with a market capitalization of more than $3.5 billion. He served as CEO of the bank from its inception till 2010 when he stepped down. Apart from his interests in telecoms and banking, Ovia is also constructing a 5-star hotel in Lagos and a $1.5 billion petrochemical plant in Nigeria’s South-South region.

forbes.

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