MTN Group owns about 79 per cent of MTN Nigeria, which ACA bought into in 2001 through a strategic partnership.
The firm made part-exits of its MTN Nigeria through a sale to management in 2006 and private placement in 2008, according to its website.
MTN Nigeria is the country’s biggest mobile operator with more than 45.6 million subscribers, a statement from Shanduka said.
The firm spent $335m on the stake according to Bloomberg, which said the investment firm planned to expand outside of South Africa to take advantage of high growth in countries such as Nigeria.
African Capital Alliance was founded in 1997 and focuses on Nigeria and West Africa.
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