MTN has received regulatory approval to proceed with its proposed $2.2 billion acquisition of IHS Towers’ Nigerian operations, bringing the telecom giant closer to taking greater control of the infrastructure supporting its network.
The approval was granted by Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Communications Commission (NCC), following regulatory scrutiny of the potential impact of the deal on competition and the wider telecommunications sector.
MTN announced plans earlier in 2026 to acquire the remaining stake in IHS Holdings, a move that raised concerns about the level of control a single operator could have over critical telecom infrastructure.
IHS Nigeria operates thousands of telecom towers used by major network operators, including MTN, Airtel Nigeria and T2mobile.
Regulators impose 30% local ownership condition
While regulators approved the transaction, they attached a key condition aimed at protecting competition and increasing Nigerian participation in the infrastructure business.
MTN will be required to sell a 30% stake in IHS Nigeria to Nigerian investors at a fair market price and on commercial terms.
The condition means MTN will not have complete ownership of IHS Nigeria, while local investors will gain an opportunity to hold equity in infrastructure that plays a critical role in Nigeria’s digital economy.
The government had previously indicated that it would carefully assess the transaction because of concerns around market concentration and the long-term sustainability of Nigeria’s telecom sector.
The approval suggests regulators believe the transaction can proceed without significantly harming competition, provided the agreed conditions are met.
What the deal means for Nigeria’s telecom industry
The acquisition could give MTN greater control over the infrastructure supporting its connectivity services while potentially allowing the company to coordinate network expansion and infrastructure investment more closely.
For the wider industry, however, the 30% local ownership requirement is significant. It creates an opportunity for Nigerian investors to participate directly in a major telecom infrastructure business.
The transaction also highlights the growing importance of infrastructure ownership as Nigeria continues to experience rising demand for mobile data, broadband and digital services.
As telecom operators invest in expanding connectivity, the ownership and management of towers and other network infrastructure are becoming increasingly important to the future of the sector.
MTN also announces $375.5m share buyback
Alongside the IHS transaction, MTN Group announced plans to spend approximately $375.5 million to buy back up to 31 billion of its own shares from the market.
The company said the programme forms part of its Ambition 2030 strategy and is intended to return value to shareholders through share buybacks and dividends.
Together, the IHS acquisition and share buyback reflect MTN’s broader strategy of strengthening its position across connectivity, digital infrastructure and financial technology.
