MTN Nigeria is part of the MTN Group, Africa's leading cellular telecommunications company. On May 16, 2001, MTN became the first GSM network to make a call following the globally lauded Nigerian GSM auction conducted by the Nigerian Communications Commission earlier in the year. Thereafter the company launched full commercial operations beginning with Lagos, Abuja and Port Harcourt.

Since launch in August 2001, MTN has steadily deployed its services across Nigeria. It now provides services in 223 cities and towns, more than 10,000 villages and communities and a growing number of highways across the country, spanning the 36 states of the Nigeria and the Federal Capital Territory, Abuja. Many of these villages and communities are being connected to the world of telecommunications for the first time ever.

ACA had been tracking the GSM opportunity prior to the award of licenses in 2001 and had partnered with another African regional telecommunications player in an unsuccessful license bid. After the bid, the opportunity arose to take a minority stake in MTN Nigeria, one of the companies that won the GSM license. ACA sponsored a fund, which invested in the opportunity through a vehicle. With key minority protections in place, such as an ACA partner being the Chairman and representation of the minority shareholders on the board, MTN became the most successful investment in the CAPE I portfolio. At the time of CAPE I’s investment MTN was worth $400 million, by the time of the CAPE I exit the company was worth $13 billion.

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