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MTN Nigeria Mulls Sale of 30% Equity to Retail Investors

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MTN Nigeria, largest telecommunication company, may sell some 30 per cent of its ordinary shares to Nigerian retail investors under its much-awaited initial public offering (IPO).

 

Sources in the know of the arrangements for the IPO indicated that MTN Nigeria could sell as much as 30 per cent of its share capital to the investing public to ensure substantial number of the company’s shares is freely available in the hands of minority retail investors.

 

MTN Nigeria plans to raise between $400 million and $500 million through an IPO scheduled for the second half of this year. The company had in 2016 appointed the advisory team and set out a roadmap towards listing on the Nigerian Stock Exchange (NSE) in 2017.

 

Its board had announced the appointment of Stanbic IBTC Capital Limited and its affiliates, Standard Bank of South Africa Limited and Standard Advisory London Limited and Citigroup Global Markets Limited, as the joint transaction advisors and joint global co-ordinators for the proposed listing of MTN Nigeria on the NSE. The telco, however, missed the 2017 target.

 

Sources said MTN Nigeria plans to have a free float of some 30 per cent, significantly above the minimum listing requirement at the NSE. Free float, otherwise known as public float, which refers to the number of shares of a quoted company held by ordinary shareholders other than those directly or indirectly held by its parent, subsidiary or associate companies or any subsidiaries or associates of its parent company; its directors, who are holding office as directors of the entity and their close family members and any single individual or institutional shareholder holding a statutorily significant stake. This is 5.0 per cent and above in Nigeria.

 

Thus, free float’s shares exclude shares held directly or indirectly by any officer, director, controlling shareholder or other concentrated, affiliated or family holdings.

 

MTN Group holds 75.8 per cent majority equity in MTN Nigeria. Public Investment Corporation Ltd holds 1.7 per cent. MTN NIC BV controls 2.8 per cent equity while Nigerian high networth investors hold about 19 per cent equity through many special purpose vehicles.

 

Sources said MTN Nigeria will use the IPO to dilute the current shareholdings and free up shares for retail minority shareholders. MTN Nigeria is expected to be listed on the premium board of the NSE.

 

Extant rules require companies on the premium board to have free float of 20 per cent or above N40 billion on the date the Exchange receives the company’s application to list. Companies on the main board is required to have 20 per cent of market capitalisation while companies on the third tier board, otherwise known as Alternative Securities Market (ASEM) are required to have 15 per cent free float.

 

A draft of a review of the free float rules undergoing rule-making process requires companies seeking to list on the premium board to have a free float of 20 per cent of the company’s issued share capital made available to the public and held by not less than 300 shareholders; or alternatively valued at N40 billion or more, or any value prescribed by the Exchange from time to time, on the date the Exchange receives the company’s application to list and shall maintain same as long as it remains listed on the Exchange.

 

Stock markets maintain minimum public float to prevent undue concentration of securities in the hands of the core investors and related interests, a situation that can make the stock to be susceptible to price manipulation. Besides, it provides the general investing public with opportunity to reasonably partake in the wealth creation by private enterprises.

 

Market sources said they expected MTN Nigeria to proceed as scheduled later this year despite the recent downtrend at the stock market, noting that MTN Nigeria is a good offer that will always attract investors. Many investors were reported to have placed funds on standby in their investment accounts with stockbroking firms.

 

With more than 55 million subscribers, MTN Nigeria is the largest subsidiary in the MTN Group. Since inception in 2001, MTN Nigeria has led the growth in the voice market to become the biggest mobile operator in Nigeria and West Africa.

 

Many analysts believe that the MTN Nigeria’s IPO will be the pioneer to launch the electronic IPO in the Nigerian capital market. Already, stakeholders in the Nigerian capital market have commenced preparatory process towards the full automation of IPO and other public primary offers in the Nigerian market.

 

The full automation of primary issuance will involve automation of the process, approval, documentation, subscription and allotment of all issues, especially IPOs and public offers. With this, investors will be able to subscribe and make payment for IPOs and public offers online with such orders being matched and allotted electronically and directly to the investment accounts of the investors at the Central Securities and Clearing System (CSCS).

 

The full automation will enable the primary market to operate within a designated transaction cycle, possibly within the T+3 four-day trading cycle currently being operated at the secondary market.

 

Investors will also be able to monitor and change their orders within a designated period while subscribers with personal access to the internet and online stockbroking trading portals can make direct subscriptions from anywhere.

 


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NCC Begins Review of Nigeria Telecoms Policy after 26 Years

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Nigerian Communications Commission (NCC) has commenced a review of Nigeria’s 26-year-old telecommunications policy, saying the current framework no longer reflects the realities of the country’s fast-changing digital economy.

NCC  Begins Review of Nigeria Telecoms Policy after 26 Years

Aminu Maida, EVC, NCC

Speaking  at the national telecommunications policy review workshop in Lagos, Hadiza Usman, special adviser to the president on policy and coordination, said the review had become necessary because Nigeria’s economy, technology ecosystem, and security environment had changed significantly since the national telecommunications policy was introduced in 2000.

“A policy that was fit for purpose in the year 2000 cannot simply be assumed to remain adequate in 2026,” Usman said.

She said telecommunications had evolved beyond voice connectivity and now supports financial technology, digital commerce, education, healthcare, agriculture, innovation, public service delivery, and national security operations.

“Telecommunications is no longer a standalone sector. It is an enabling platform for almost every other sector of national life,” she said.

Usman warned that outdated or poorly coordinated policies weaken implementation, discourage investment, create institutional overlaps, and reduce measurable national impact.

According to her, the revised framework must address broadband penetration, affordability of digital access, quality of service, infrastructure resilience, consumer protection, and inclusion of underserved communities.

“The revised policy must not become another document that sits on shelves. It must become a working instrument,” she said.

The presidential aide also identified fibre cuts, vandalism, multiple taxation, delayed approvals, right-of-way bottlenecks, insecurity, and energy constraints as major obstacles slowing telecommunications infrastructure expansion across the country.

She said resolving the challenges would require coordinated action among federal institutions, state governments, local authorities, regulators, operators, investors, and infrastructure providers.

Earlier, Aminu Maida, executive vice-chairman (EVC) of the NCC, said the telecommunications industry had outgrown the assumptions behind the national telecommunications policy 2000.

Maida said the policy was introduced at a time when Nigeria’s focus was on liberalisation, competition, increased access, and private sector participation in telecommunications services.

According to the EVC, the industry has since evolved into a broader digital ecosystem supporting banking, commerce, education, cloud services, entertainment, digital identity systems, and government operations.

“This is no longer a narrow telecommunications conversation. It is no longer just one sector within the economy; it is a productivity infrastructure for the entire economy,” he said.

Maida added that emerging technologies such as 5G, artificial intelligence, satellite broadband, cloud infrastructure, Internet of Things (IoT), and cybersecurity regulation have further transformed the sector.

He said the review process would also address structural issues including rural connectivity gaps, multiple taxation, vandalism, high energy costs, fibre cuts, and delays in obtaining permits.

“The commission aims to develop a modern policy framework capable of supporting innovation, protecting consumers, improving quality of experience, strengthening investment, and advancing Nigeria’s digital economy ambitions,” Maida said.

The EVC said the workshop was organised to assess implementation of the existing policy, identify gaps, engage stakeholders, and develop recommendations for a new national telecommunications policy 2026.

 

 


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MTN to Turn its African Tower Network Into a Distributed AI Compute Grid

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MTN Group plans to convert its African tower estate into a distributed AI compute fabric, installing open GPU infrastructure at base-station sites so that the same hardware can run both the cellular network and edge AI inference workloads.

MTN to Turn its African Tower Network Into a Distributed AI Compute Grid

The plan was set out by Charles Molapisi, group chief technology and information officer, MTN, at an event hosted by law firm Bowmans in Johannesburg recently— the company’s most detailed explanation yet of how it intends to position itself as the infrastructure layer of Africa’s AI economy.

Every cellular tower today has a baseband unit at its base — single-purpose hardware that exists only to drive the radio access network.

Molapisi said MTN will replace these with open GPU configurations capable of running the radio plus AI inference, in what the company has described as a “distributed AI grid.”

A key pay-off, he argued, is latency. AI workloads that today must be hauled back to a central data centre could instead be processed at or near the tower.

He gave the example of children playing PlayStation on an estate served by a nearby tower: with edge compute installed, the workload could be served locally rather than backhauled to a distant data centre and returned, freeing capacity and cutting round-trip time.

The edge layer sits alongside the centralized half of MTN’s AI infrastructure plan.

The group confirmed in its 2025 financial results in March that it will build two new AI-enabled data centres — one in South Africa and one in Nigeria.

Molapisi described an MTN AI strategy spanning a relatively full stack — procuring silicon, building data centres, running its own cloud platforms, curating models and co-developing applications with partners. The company is also building terrestrial fibre across multiple African markets, including some where it has no GSM licence, to plug what Molapisi called the continent’s missing “rails.”

The investments sit inside MTN’s Ambition 2030 strategy, which reorganized the group around three platforms: connectivity, fintech and digital infrastructure. The tower-to-inference push is the most concrete articulation yet of a thesis MTN has been laying out for more than a year — including an investment in March in U.S. AI-native networking start-up ORAN Development Company alongside NVIDIA, Cisco, Nokia, AT&T and Telecom Italia.

At the time, Mazen Mroué, CEO, Digital Infrastructure CEO, framed the move around “sovereign AI” — the principle that African countries should host AI compute locally rather than relying on offshore infrastructure.

Molapisi said MTN is developing the edge AI grid alongside technology partners, with the ambition for MTN to become “the biggest distributor of edge inference in the continent.”

The strategic case rests on Molapisi’s wider argument that Africa risks repeating its commodity history in the AI era.

With about 1% of global computing power on the continent today, he said, Africa stands to “export raw data” the way it has long exported raw minerals — only to import the intelligence built from it at a premium.

Molapisi conceded that chip generations are turning over quickly enough — NVIDIA’s Hopper to Blackwell inside two years, for example — that procurement decisions made today can be obsolete by deployment. He said MTN is being deliberate about its chip mix and the balance between training and inference silicon, “because if you get that wrong, you’ll get the economics terribly wrong.”


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MTN Nigeria Boosts Public Revenue with N878.7bn Tax Remittance

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As Nigeria intensifies efforts to expand non-oil revenue and improve tax collection under its fiscal reform agenda, corporate tax contributions from major private-sector operators are becoming increasingly critical to government financing.

MTN Nigeria Boosts Public Revenue with N878.7bn Tax Remittance

MTN Nigeria

Supporting that drive, MTN Nigeria paid NGN878.7 billion in taxes, levies and duties to federal and state authorities in the 2025 financial year, representing a 15% increase from the previous year, according to the company’s just-released 2025 Sustainability Report.

The trajectory tells its own story: the company paid NGN543.9 billion in taxes and levies in 2023, before that figure climbed to NGN764 billion in 2024 a cumulative rise of roughly 62% over two years, tracking the company’s recovery from deep forex-driven losses to a profit after tax of NGN1.11 trillion in 2025, with total revenue surging 54.8% to NGN5.20 trillion and operating profit climbing to NGN2.08 trillion from NGN778.2 billion.

The NGN878.7 billion remitted to government in 2025 covered corporation tax, value-added tax, spectrum fees, import duties, NCC levies and contributions under the Rural and Urban Terrestrial Infrastructure (RUTI) tax credit scheme, an initiative with deep roots in MTN Nigeria’s public-private partnership playbook.

The company has long embraced such mechanisms: it participated in the Road Infrastructure Tax Credit Scheme, under which it committed NGN202.8 billion towards reconstructing the 110-kilometre Enugu-Onitsha Expressway.

In 2025, the RUTI scheme reached 50% completion after securing approval for an additional NGN23 billion tax credit aimed at expanding fibre and telecoms infrastructure in underserved communities, a model the company argues supports infrastructure development without requiring direct public expenditure.

The report also highlighted the company’s growing domestic economic footprint, with 62% of procurement spending directed to Nigerian suppliers in 2025.

This was up from 59.6% a year earlier. MTN said the policy aligns with the Federal Government’s local-content objectives and supports sectors including civil construction, logistics, software services and power infrastructure.

The company’s operational footprint expanded to 2,087 active base stations nationwide, while active mobile subscribers stood at 85.4 million by the third quarter of 2025. Active data users rose to 51.1 million, supported by smartphone penetration of 65.1%.

During the year, MTN Nigeria renewed its 800MHz spectrum licence for another ten years to December 2034 and secured regulatory approval to lease additional spectrum from T2 Mobile, formerly 9Mobile, across 17 states and the Federal Capital Territory.


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