Forbes recently ranked Ramaphosa as Africa’s 36th richest man.
The acquisition of a ‘minority stake’ has been purchased through Shanduka Telecommunication (Mauritius), a wholly-owned subsidiary of the group.
Shanduka acquired its stake from three private investors, and represents its largest investment outside of South Africa.
MTN Nigeria is currently the largest mobile operator in Nigeria with 45.64 million active subscribers at the end of September 2012, and an estimated market share of approximately 48%. The company is an indirectly held subsidiary of MTN Group, which holds an effective 78.83% stake.
The investment was facilitated and supported by Standard Chartered, which acted as joint financial advisor and mandated lead arranger.
Ramaphosa currently serves as independent non-executive director and chairman of MTN Group. He is also a prominent figure within South Africa’s ruling party, the ANC, having also been touted as a potential presidential candidate..
Shanduka Group CEO Phuti Mahanyele said: “This is Shanduka’s most significant investment in another African country. It is a business that is well established within a market that has great potential for further growth. Shanduka will continue to pursue opportunities in other parts of Africa.”
Shanduka’s investment portfolio comprises resources, energy, financial services, property, industrial, and food and beverage.
The group has investments in South Africa, Mozambique, Nigeria and Ghana. Shanduka Group employs over 60 employees, while its investee companies employ more than 180,000 people.