Telecom
6.6m Nigerians Become MTN Shareholders as Telco Rakes in N111.75Bn from Offer

MTN Nigeria Communication Plc has said it now has 6.6 million Nigerians as direct or indirect shareholders as it made N111.75bn from its share offer to Nigerians.

The telecommunications company said this in a statement titled ‘Results of the series 1 offer for sale of MTN Nigeria Communications Plc ordinary shares, first public offer via digital platform in Nigeria’.
Uto Ukpanah, company secretary, MTN Nigeria stated that “The Offer was implemented by way of a bookbuild to qualified institutional investors and a fixed price offer to retail investors.
“The Offer was oversubscribed with valid applications for a total of 801.97 million units, leading to the activation of the approved 15% over-subscription clause of an additional 86.25 million MTN Nigeria shares.
“In all, 661.25 million MTN Nigeria shares were allotted. A total of 126,720 retail investors submitted valid applications and received full allotment; and institutional investors including pension funds, insurance companies, asset managers, corporates, and foreign portfolio investors that participated in the bookbuild were allotted 72.09% of their applications. This includes Nigerian pension funds representing approximately 6.5 million Nigerian contributors.
“Following the successful completion of the Offer, MTN Group’s shareholding in MTN Nigeria reduced by 3.25 percentage points, from 78.83% to 75.58%.
“In line with the innovative incentive structure of 1 free share for every 20 purchased, subject to a maximum of 250 free shares per investor, an additional 4.28 million MTN Nigeria shares will be allotted to qualifying investors who hold the shares allotted to them for 12 months till 31 January 2023”.
MTN Group adopted a unique structure in this offering by determining a fixed price of N169 per share for the retail offer through a Bookbuild to Qualified Investors that was completed on 26 November 2021.
The fixed price offer to Retail Investors was at a discount of 11% to the closing price of MTN Nigeria stock on the day the Bookbuild was completed. The Offer commenced on 1 December 2021 and was completed on 14 December 2021.
Nigerian investors across the country supported the Offer through multiple channels – Receiving Agents, Issuing Houses and PrimaryOffer (a digital application platform).
The Offer is a landmark transaction and a true reflection of Nigerian investor confidence in MTN Nigeria. It marks the first time a digital application platform was used to democratize investing in a public offer and maximize investor participation across the country.
More than 89% of retail offer subscribers applied through the Primary Offer platform (mobile and web), and 114,938 new Central Securities Clearing System (CSCS) accounts were opened by first-time investors.
Ralph Mupita, CEO of MTN Group said: “We are pleased that this Offer has given so many Nigerians the opportunity to become owners of MTN Nigeria. With over 6.6 million Nigerians directly or indirectly becoming shareholders in MTN Nigeria, the objective of broadening the shareholder base, and creating shared value has been achieved.
“We are proud that our Offer was the first Nigerian public offer to use the digital application platform, PrimaryOffer, which enabled wider investor participation across Nigeria.
“We thank the Nigerian authorities for their support of this Offer. We remain committed to playing our humble role in driving digital and financial inclusion in Nigeria over the medium.”
Commenting on the Offer, Karl Toriola, CEO of MTN Nigeria said: “We are delighted to welcome so many new shareholders to the MTN family, up 11.6 times from the number before the offer.
“It has been inspiring to see so many Nigerians, many of whom are young, acquire shares for the first time, and use a digital platform to do so.
“This is the beginning of a journey to broaden our shareholding and there will be more opportunities to participate.
“We are pleased with the level of digital innovation we championed with this offer with the active collaboration of our lead issuing house and the various regulatory bodies. Deepening retail participation in Nigeria’s capital markets is a process, and we are off to a great start, demonstrating the role digital platforms can play in expanding access.
“I am particularly pleased that we completed this transaction in an accelerated time frame ensuring new shareholders can realize value almost immediately through participation in our 2021 full-year dividend.
“I would specifically like to thank the Honorable Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim (Pantami), the Nigerian Communications Commission and the wider Federal Government for the opportunity to execute this Offer.
“I thank the Securities and Exchange Commission, the Nigerian Exchange Limited, the CSCS, and all the parties involved for their support in delivering this ambitious Offer structure. I also appreciate our staff who worked tirelessly with our advisers on this project.
“Most of all I would like to thank our new shareholders for having confidence in us and in our future. We are delighted to have you on board for this journey to building a digital future together.”
Bolaji Balogun, CEO of Chapel Hill Denham, the Lead Issuing House said: “Chapel Hill Denham is honoured to have worked with MTN to complete Nigeria’s first digital and predominantly green offering.
“I wish to thank the SEC, the NGX, the CSCS, all the professional firms and other stakeholders, for delivering a big win for Nigeria’s capital markets in enabling the adoption of PrimaryOffer and this transaction marks a new and exciting future.
“Over 90% of subscribers to the Offer were first time participants in the capital markets and MTN Nigeria’s strong investment case made this possible.”
Nigerian Exchange Limited (NGX) CEO, Temi Popoola, CFA said: “NGX is proud to have worked with MTN Nigeria, Chapel Hill Denham and other parties to the transaction in advancing Nigeria’s capital market through the adoption of forward-looking technology.
“In the NGX era, we are resolute in our commitment to democratize finance in Nigeria in order to ensure every type of investor has access to public markets where they can invest in companies they believe in and reap value. With the digitised MTN Nigeria offering, we have made a tremendous stride in our plans for a full digital transformation of the Nigerian capital markets and we look forward to building on this.”
Central Securities Clearing System Plc CEO, Haruna Jalo-Waziri said: “We are excited to be part of the innovation brought by the Offer, which afforded the successful launch of PrimaryOffer digital application platform.
“This further buttresses the necessity for digital transformation, allowing market access for all categories of investors, including institutional and retail investors within and outside of the country.
“At CSCS, digital transformation has been the core of our strategic direction. We will continue to collaborate with our participants, issuers and other stakeholders to efficiently and effectively ease market access with innovative solutions through the investment cycle.”
Chapel Hill Denham Advisory Limited acted as Lead Issuing House and Bookrunner for the Offering, and Rand Merchant Bank Nigeria Limited, Renaissance Securities (Nigeria) Limited, Stanbic IBTC Capital Limited and Vetiva Capital Management Limited acted as Joint Issuing Houses and Joint Bookrunner.
Telecom
Relief for SMEs as NACAN Launches Fight Against Expensive Broadband in Nigeria

A new non-profit advocacy group, the National Affordable Connectivity Advocacy Network (NACAN), has launched initiatives aimed at addressing broadband affordability challenges and promoting policy reforms for small and medium-sized enterprises (SMEs) in Nigeria.

Broadband
The launch coincided with the 2026 edition of the International Telecommunication Union (ITU) World Telecommunication and Information Society Day (WTISD), themed: “Digital lifelines: Strengthening resilience in a connected world.”
NACAN said its primary objective is to bridge digital access gaps affecting Nigerian SMEs by reducing broadband costs, advocating regulatory reforms and improving digital capacity for small businesses.
As part of its rollout plans, the organisation unveiled the Southern Connectivity Voucher Pilot, a programme designed to provide subsidised data vouchers to small businesses in major commercial centres in southern Nigeria.
According to the group, the intervention is expected to reduce internet-related operational costs for businesses and improve digital access.
NACAN also announced plans to host the Niger Delta Digital Lifelines Roundtable in Port Harcourt, bringing together state ICT commissioners, internet service providers, telecom stakeholders and civil society groups.
The forum is expected to focus on strengthening resilient last-mile broadband infrastructure across underserved communities.
Speaking at the launch, National Coordinator of NACAN, Uchechukwu Emmanuel Ugochukwu, said internet access had become critical infrastructure for Nigerian businesses.
“In the current economic climate, internet access is no longer a luxury for Nigerian businesses; it is an infrastructure lifeline.
“We are debuting to ensure that high data costs and weak network reliability do not permanently exclude Nigerian SMEs from the global digital economy,” he said.
The organisation also unveiled a policy advocacy agenda targeting reforms on Right-of-Way charges and measures to reduce frequent network outages affecting businesses.
To deepen stakeholder engagement, NACAN said it is collaborating with industry groups including the Nigeria Information Technology Reporters Association (NITRA), the Niger Delta Chamber of Commerce, Industry, Mines and Agriculture (NDCCIMA), and the APC ICT Directorate, alongside private sector partners.
NACAN described itself as a non-profit initiative focused on promoting digital equity for Nigerian SMEs through advocacy for affordable, reliable and secure broadband infrastructure.
The group said its long-term goal is to support the integration of local businesses into the formal digital economy and stimulate inclusive economic growth.
Telecom
GBB Says Cross-border Partnerships Key to Africa’s Digital Transformation

Galaxy Backbone Limited (GBB) has said that sustained collaboration among African countries remains central to the continent’s drive toward digital transformation.

The organisation stressed that building secure, interoperable and inclusive digital systems across Africa cannot be achieved in isolation, calling for stronger regional partnerships to accelerate innovation and shared infrastructure development.
The position was contained in a statement issued on Sunday by the Head of Corporate Communications at Galaxy Backbone, Chidi Okpala.
As it prepares to host a major delegation of policymakers, technology leaders and development partners in Abuja, GBB said the engagement would further highlight the importance of cross-border cooperation in shaping Africa’s digital future.
Okpala explained that the initiative is designed to provide both dialogue and practical exposure to Nigeria’s digital infrastructure ecosystem.
According to him, the visit will allow delegates to better understand how shared ICT systems are supporting governance and service delivery in the country.
“This engagement will provide an opportunity for African stakeholders to not only discuss policy frameworks but also see firsthand how digital public infrastructure is being deployed to improve efficiency, connectivity and innovation in the public sector,” Okpala said.
He added that GBB’s hosting role reflects its growing importance in advancing digital governance and infrastructure development across the continent.
“Galaxy Backbone is increasingly positioned as a key enabler of trusted digital infrastructure, and this engagement reinforces that role within Nigeria and beyond,” he noted.
Speaking ahead of the programme, the Managing Director and Chief Executive Officer of Galaxy Backbone, Professor Ibrahim Adeyanju, said the future of Africa’s digital economy depends on the ability of countries to work together in building resilient systems.
“No single country can achieve the level of transformation required on its own. We must share knowledge, align strategies, and invest in systems that can serve the entire continent,” Adeyanju said.
According to the statement, the engagement will feature a continental dialogue themed “Building Africa’s Digital Foundations Together,” bringing together stakeholders from 11 African countries in Abuja.
The programme is being organised in partnership with Co-Develop, Smart Africa, and MicroSave Consulting, with discussions expected to focus on Digital Public Infrastructure (DPI), digital identity systems, secure connectivity, interoperability frameworks, and inclusive digital ecosystems.
GBB said delegates will also undertake a guided tour of its infrastructure and facilities in Abuja, where they will be exposed to Nigeria’s digital transformation journey and the systems supporting cloud services, cybersecurity, government connectivity, and digital platforms.
The company noted that the tour is intended to demonstrate how shared ICT infrastructure is strengthening governance and enabling more efficient public service delivery.
Participants are expected to explore practical pathways for accelerating the deployment of digital public infrastructure to support economic growth and institutional reforms across Africa.
GBB maintained that the initiative also confirms Nigeria’s position as a regional hub for digital innovation and infrastructure development, while deepening cooperation among African nations.
Telecom
MTN Reinforces Commitment to African Creativity at Star-Studded 12th AMVCA

MTN Nigeria reinforced its commitment to supporting African storytelling and emerging creative talent at the 12th Africa Magic Viewers’ Choice Awards (AMVCA), held on Saturday, May 9, 2026, at Eko Hotels & Suites.

MTN Nigeria
Hosted by Bovi Ugboma and Nomzamo Mbatha, the star-studded event brought together some of the biggest names in African film, television, and entertainment for a night celebrating creativity, culture, and cinematic excellence.
As part of its participation at the Awards Night, MTN Nigeria sponsored the Best Short Film category, one of the standout moments of the evening aimed at recognising and rewarding emerging filmmakers shaping the future of African storytelling.
The award was presented by the General Manager, Enterprise Sales, MTN Nigeria, Febisola Oyeleye, alongside actor Jide Oyegbile.
The winning film, Hussaini, by filmmakers Orire Nwani and Josh Olaoluwa, earned both the prestigious AMVCA recognition and a ₦5 million cash prize sponsored by MTN Nigeria.
Speaking during the presentation of the cash prize to the winners, Chief Marketing Officer, MTN Nigeria, Onyinye Ikenna-Emeka, reiterated MTN’s commitment to youth empowerment and supporting the creative industry through platforms that spotlight emerging talent.
According to her, the brand remains intentional about supporting young Nigerians who continue to push boundaries through creativity and storytelling. “At MTN, one of the things that we are so committed to is youth empowerment.
We believe that the youth of Nigeria are actually the future of the country. When we see young people being productive and coming out tops in what they do, it speaks to their commitment and ability to move beyond boundaries.
One of the ways we support the creative industry is through the short film category, and we are delighted to see deserving winners who are obviously on their way to great things,” she said.
The filmmakers behind Hussaini also celebrated the win, with one of the creators describing it as a defining moment after multiple nominations in the category.
“This is our last nomination in this category, and I’m excited we finally have it,” he said. “Next year, we are coming for Best Feature Film.”
Beyond the Awards Night, MTN’s presence throughout the AMVCA week extended to initiatives such as Young Filmmakers Day and the #MTNFilmChallenge, both designed to spotlight emerging talent and create opportunities for young creatives to tell authentic Nigerian and African stories through film and digital content.
With its continued investment in platforms that celebrate creativity and empower young storytellers, MTN Nigeria once again highlighted the important role partnerships can play in shaping the future of Africa’s entertainment industry.
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