NCC Approves Transfer Of Visafone Shares To MTN

Visafone

Nine months after its publicised acquisition of Visafone, MTN Nigeria has finally gotten the go ahead from Nigeria to transfer shares of the acquired company.

The final approval was given by the Nigerian Communications Commission, NCC to MTN on the request of Visafone to the regulator.

In a statement by the NCC, the Commission said “The NCC, in line with its procedure granted a Final-Approval to Visafone for the change in its shareholding structure,”

MTN has not disclosed how much it paid for Visafone, a smaller player using the Code Division Multiple Access,CDMA for its mobile and data services in southern regions of Nigeria.

The announcement is coming at a time when MTN is trying hard to put its house in order. Yesterday, PageOne Big Business reported that MTN Group has appointed Felleng Sekha to head a new unit called the regulatory and government affairs unit.

Last year, MTN was fined for NGN330 billion by the NCC for failing to deactivate mobile lines the Commission saw as a sabotage of the government counter-terrorist campaign against Boko Haram in Nigeria’s North East.

Felleng Sekha will also need to step into new issues already cropping for MTN in Nigeria. Late last month, a Senator in Nigeria’s upper chamber of the parliament accused MTN of illegally transferring over USD14 billion out of Nigeria without due process and relevant approvals.

MTN has vehemently denied all the allegations calling them “baseless and “untrue”.

 

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