MTN Group acquisition of IHS Towers

MTN Group has moved toward full ownership of IHS Towers following shareholder approval at an extraordinary general meeting on 4 August. This acquisition is part of the company’s ‘Ambition 2030’ strategy to expand digital infrastructure across Africa. Alongside this move, MTN Nigeria Communications Plc announced a significant interim dividend of N26 per share, following a financial turnaround in the 2025 fiscal year.

By late August, Nigerian regulators, including the Federal Competition and Consumer Protection Commission and the Nigerian Communications Commission (NCC), granted conditional approval for the $2.2 billion acquisition of the Nigerian business of IHS Towers. To prevent excessive control over telecommunications infrastructure and protect competitors like Airtel and T2 Mobile, the approval includes several safeguards.

Key conditions require MTN to gradually divest up to 30% of its interest in the Nigerian arm of IHS Towers at market prices. Furthermore, the NCC stipulated that the transaction must not grant MTN exclusive rights over infrastructure, existing commercial contracts must remain unchanged, and MTN must submit an investment plan with measurable milestones. While an ‘Approval-in-Principle’ was issued in mid-July, final clearance remains contingent upon compliance with these governance, market access, and investment conditions.

In parallel with its infrastructure expansion, MTN Group is growing its fintech operations. The company is pursuing banking licences in selected markets to facilitate direct lending, aiming to hold credit risk and capture higher margins. MTN’s fintech unit reported that facilitated loan values rose over 70% to approximately US$2.7bn, with platforms processing roughly US$330bn in transaction value over a recent 12-month period.