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Nigeria News Today: FG to Subject MTN’s $6.2bn IHS Acquisition to Full Regulatory Review — The Business Bureau

The Federal Government has announced plans to subject the proposed $6.2 billion acquisition of IHS Holding Limited by MTN Group to a comprehensive regulatory review, citing the strategic importance of telecommunications infrastructure to Nigeria’s economy and national security.

The disclosure, now dominating Nigeria News Today, was contained in a press statement issued Tuesday by the Minister of Communications, Innovation and Digital Economy, Bosun Tijani.

The transaction, structured as an all-cash deal, would see MTN Group take full ownership of IHS and delist the tower company, converting it into a wholly owned subsidiary.

MTN already holds a significant minority stake in IHS, one of Africa’s largest independent tower operators with tens of thousands of sites across key markets, including Nigeria.

What the Minister Said

In the statement, Tijani confirmed that the government is closely monitoring developments around the acquisition.

“The Federal Ministry of Communications, Innovation & Digital Economy notes recent developments in the Nigerian telecommunications sector regarding the acquisition of IHS Towers by MTN Group,” the minister stated.

He noted that in the past two years, under the administration of President Bola Tinubu, reforms have been introduced to stabilise and reposition the telecoms sector as a critical pillar of Nigeria’s digital economy.

“Through policy clarity, regulatory support, and sustained engagement with industry stakeholders, government has prioritised long-term sustainability, investor confidence, and improved sector performance,” Tijani said.

Why the Deal Faces Heightened Scrutiny

The minister emphasised that the proposed acquisition would not be treated as a routine corporate transaction because of the sensitivity of telecom infrastructure assets.

“Given the strategic importance of telecommunications infrastructure to national security, economic growth, financial services, innovation, and social inclusion, the Ministry will undertake a thorough assessment in collaboration with relevant regulatory authorities to review its impact on the sector,” he stated.

Nigeria’s telecoms backbone supports banking systems, fintech platforms, e-commerce, public service delivery, and emerging digital technologies. Control of tower infrastructure therefore carries implications that extend far beyond commercial considerations.

Tijani acknowledged that the sector has recently shown signs of recovery, referencing improved financial performance among operators.

“Recent financial results announced by key operators indicate a return to improved profitability, increased investment in telecoms infrastructure and operational stability across the sector,” he said.

He stressed that the government’s objective is to ensure that any consolidation protects consumers while sustaining long-term industry health.

“Our objective is clear: to ensure that any market consolidation or structural changes protect consumers, safeguard investments, and preserve the long-term sustainability of the sector.”

Background to the $6.2bn Deal

MTN Group recently reached an agreement to acquire IHS Towers in an all-cash transaction valued at approximately $6.2 billion.

Under the merger terms, IHS shareholders would receive $8.50 per ordinary share in cash, representing a 36% premium to its 52-week volume-weighted average price and a 3% premium to its unaffected closing price of $8.23 on February 4, 2026.

As previously reported by The Business Bureau, the deal represents one of the largest telecom infrastructure consolidation moves in Africa and could reshape competitive dynamics in Nigeria’s digital economy.

Stay with The Business Bureau for continuing updates shaping Nigeria News Today.

Source: The Business Bureau

This may scare away potential foreign investors to the country

MTN should not be allowed to own IHS 100%.

Infact MTN should be limited to its current minority interest of 24% shareholding. Otherwise, MTN will become an uncontrollable gatekeeper of the Nigerian economy.

IHS can exit by selling its shares/interest via the New York Stock Exchange where its shares are listed, or find another corporate buyer or group of buyers.

Alternatively, it can hive off and list the African parts of the business in London, and Lagos stock exchanges, or Lagos and Johannesburg. Nigerians, South Africans, and investors from other countries will purchase the shares. The company's headquarters can continue to be in London.

That way, the company is not controlled by one entity, MTN.

Okay. Very good one from the FG

Why is this coming just a day after MTN said Nigeria telcos have the capacity of handle E transmission election votes?

So the authorities were never aware of this deal till it made headlines ? A critical national security infrastructure? And you still doubt that El Rufai could tape the NSA's phone line.

DeLaRue:
MTN should not be allowed to own IHS 100%

And why is that? You allow monopoly in many sectors but when it comes to certain business, then you lots remember national priority.

saintopus:
This may scare away potential foreign investors to the country

BS

So because you want investors you will sell yourself?

This is not good for Nigerians.
Expect more data breach in the coming days

saintopus:
This may scare away potential foreign investors to the country

The same thing they do in foreign countries and you all praise them. E reach naija turn, complaints start.

Why will a deal in such a critical sector be reached and the government won't have any oversight functions over it? Does that even sound normal to anyone? If the foreign investors plan on operating without any checks, then maybe they should hold their investment.

This is really massive. MTN enjoying here oo and they are dealing with us in there place

Emeskhalifa:
Why is this coming just a day after MTN said Nigeria telcos have the capacity of handle E transmission election votes?

You're the smartest here my guy

DeLaRue:
MTN should not be allowed to own IHS 100%.

Infact MTN should be limited to a maximum of 30% shareholding.

IHS can sell the remainder of their interest via the New York Stock Exchange where its shates are listed.

EXACTLY.

Will South Africa ever allow a Nigerian company to fully acquire such a critical asset there?

Never.

Nigeria of course will not do it either. That's why Tinubu put a halt to that deal.

It wants to look like anti competition. But then Globacom also owns all its towers. Just that it is Nigerian owned.

DeLaRue:
MTN should not be allowed to own IHS 100%.

Infact MTN should be limited to a maximum of 30% shareholding.

IHS can sell the remainder of their interest via the New York Stock Exchange where its shates are listed.

IHS carried jobs ranging from installation, site programming and maintenance for not only mtn but glo and Airtel. that is a smart move by them. other network will now depend on mtn and that maybe calastrous or they will have to go and source for another company offering similar solution.

saintopus:
This may scare away potential foreign investors to the country

No sir.

We need to understand what MTN is up to.
So that we don't end up with a company that is bigger than the industry itself. It is called not putting all.your eggs in one basket.

DeLaRue:
MTN should not be allowed to own IHS 100%.

Infact MTN should be limited to a maximum of 30% shareholding. Otherwise, MTN will become an uncontrollable gatekeeper of the Nigerian economy.

IHS can sell the remainder of their interest via the New York Stock Exchange where its shates are listed.

How can the govt dictate who a private company chooses to do business with where is that done in the world? IHS are the only ones who knows what's best for them not the govt as long as they perfectly obeyed all the regulatory laws of nigeria the govt has no rights to put a spanner on the wheels of this proposed takeover mtn deal.

saintopus:
This may scare away potential foreign investors to the country

Google what antitrust laws mean then you will realise that you dont really understand the implications of allowing mtn wholly buy what other competitors use before making this comment. Allowing MTN to have a 100% monopoly to an asset that other competitors use is what will drive away foreign investors.

In fact, the govt was sleeping in their duties if MTN already bought that asset before they realised they needed to subject it to regulatory oversight. If they were not sleeping, that deal shouldn't have been allowed to happen in the first place. No sensible country in the world places its critical infrastructure that has ramifications to affect banking, telecoms, national security and data in the hands of one entity, not to talk of a foreign entity like MTN.

kedeojo:
IHS carried jobs ranging from installation, site programming and maintenance for not only mtn but glo and Airtel. that is a smart move by them. other network will now depend on mtn and that maybe calastrous or they will have to go and source for another company offering similar solution.

This is the very reason why this must be scrutinized.
What is MTN's strategic gameplay here. To railroad other service providers?

Mrexcell:
How can the govt dictate who a private company chooses to do business with where is that done in the world? IHS are the only ones who knows what's best for them not the govt.

Government actually controls many aspects of how companies,organisations and its economy in general operate.

There is something called Competition Law. Most countries, including Nigeria, has such a law.

MTN acquiring 100% of IHS will be anti competitive and may harm the Nigerian economy.

That is where the government steps in to determine whether or not to approve the transaction.

nevilbot:
Google what antitrust laws mean then you will realise that you dont really understand the implications of allowing mtn wholly buy what other competitors use before making this comment. Allowing MTN to have a 100% monopoly to an asset that other competitors use is what will drive away foreign investors.

In fact, the govt was sleeping in their duties if MTN already bought that asset before they realised they needed to subject it to regulatory oversight. If they were not sleeping, that deal shouldn't have been allowed to happen in the first place. No sensible country in the world places its critical infrastructure that has ramifications to affect banking, telecoms, national security and data in the hands of one entity, not to talk of a foreign entity like MTN.

Exactly what I am saying.
Look at what has happened to the cable satellite tv market in Nigeria..
We sat back while DSTv/Multichoice railroaded competition over the past few decades.

Now that Canal+ has taken over Multichoice we have no input in that and even less control over what comes to our tv screens.

It is risky to permit enterprises unbridled control of your markets and economy . Who knows who will buy over MTN in the future, perhaps an entity at variance to our national interests for instance.

DeLaRue:
MTN should not be allowed to own IHS 100%.

Infact MTN should be limited to a maximum of 25% shareholding. Otherwise, MTN will become an uncontrollable gatekeeper of the Nigerian economy.

IHS can sell the remainder of their interest via the New York Stock Exchange where its shares are listed.

Alternatively, it can separate and list the African parts of its business in London, and Lagos stock exchanges, or Lagos and Johannesburg. Nigerians, Soth Africans, and other investors will purchase the shares. The company's headquarters can continue to be in London.

Nairalan activist on the beat!

Finally

Sensible thing to do.

That's absolutely bad for competition and such a deal should never have taken place and whoever sanction such deal in government must have taken a lot of bribe and should be fired.


Which again, is that redundant minister of communication

Mrexcell:
How can the govt dictate who a private company chooses to do business with where is that done in the world? IHS are the only ones who knows what's best for them not the govt as long as they perfectly obeyed all the regulatory laws of nigeria the govt has no rights to put a spanner on the wheels of this proposed takeover mtn deal.

ehmmm Trump.. tiktok, Huawei etc or should I I go on?

NinjaMetahuman:
Finally

Sensible thing to do.

That's absolutely bad for competition and such a deal should never have taken place and whoever sanction such deal in government must have taken a lot of bribe and should be fired.


Which again, is that redundant minister of communication

The government did not sanction the deal.

Governments don't go around sniffing through corporate boards or hang around expensive restaurants in London or New York trying to figure out which companies' directors are discussing deals.

The way it works is - MTN approaches IHS and say, look, we are interested in buying you out in Africa. Are you interested in selling. If both parties are willing to explore the possibility of a deal, then they start formal discussions. These discussions can go on secretly for several months before they finally agree a deal, and announce it.

While it is possible that the government may have heard about those discussions, it is more likely that the government was also kept in the dark and that they heard about the deal at the same time as everyone else.

The thing is even if the government knew the 2 companies were talking, the government didn't need to intervene since a transaction of this size involving a publicly listed company MTN must be cleared by the government anyway before it can be actualised.

So the government can always seat back and wait, and intervene at the appropriate time, which is exactly what they have done here.

As an example, a vehicle licensing agency doesn't need to be monitoring car sellers to know who is buying vehicles in order to remind buyers they must obtain a vehicle licence. They can sit back in their office in the knowledge that buyers will ultimately come to obtain a vehicle licence before they can drive the vehicles on an ongoing basis.

Same principle applies with large business deals that require the approval of the Competition Authority.

IHS towers serve major mobile network operators, including MTN and Airtel Nigeria, through long‑term tower leases and colocation services. IHS controls a majority share of Nigeria’s collocated tower market, reinforcing its leadership in telecom infrastructure.
Now that MTN has bought IHS, I hope it would not undermine or sabotage other operators sharing the same towers. This deal should be thoroughly evaluated.

Emeskhalifa:
Why is this coming just a day after MTN said Nigeria telcos have the capacity of handle E transmission election votes?

Something is fishy,
I smell fish

NinjaMetahuman:
Finally

Sensible thing to do.

That's absolutely bad for competition and such a deal should never have taken place and whoever sanction such deal in government must have taken a lot of bribe and should be fired.

Which again, is that redundant minister of communication

And they should ask MTN to guarantee that this huge financial outlay will not lead to raising tariffs to finance it particularly when the options are being whittled down.

Since telcos said they can transmit electronic results of election nationwide them no gree dem rest again

saintopus:
This may scare away potential foreign investors to the country

No country will allow one Telco owned by a foreign country to own the transmission backbone of all telcos. It is a security issue.

WorkTheTalk:
IHS towers serve major mobile network operators, including MTN and Airtel Nigeria, through long‑term tower leases and colocation services. IHS controls a majority share of Nigeria’s collocated tower market, reinforcing its leadership in telecom infrastructure.
Now that MTN has bought IHS, I hope it would not undermine or sabotage other operators sharing the same towers. This deal should be thoroughly evaluated.

South African company cannot own the entire Nigerian telecom transmission infrastructure. It is a security mistake.

The deal shouldn't have even been allowed to begin with...

But typical Nigerians, what do we care about?

Absolutely nothing!