Nigeria mulls ‘thorough assessment’ of MTN’s ₦8.4 trillion deal to buy IHS Towers 

Nigeria’s Federal Government says it will undertake a comprehensive review of MTN Group’s proposed acquisition of IHS Towers, in a development that signals heightened regulatory scrutiny of a transaction with significant implications for the country’s telecommunications landscape.  In a statement issued on Tuesday, Dr. ‘Bosun Tijani, Minister of Communications, Innovation and Digital Economy, said the proposed transaction will be subjected to a “thorough assessment” by his ministry in collaboration with relevant regulatory authorities. The review aims to examine the deal’s impact on competition, infrastructure sharing, consumer protection and long-term sector sustainability. “Given the strategic importance of telecommunications infrastructure to national security, economic growth, financial services, innovation and social inclusion,” Tijani says, “the Ministry will undertake a thorough assessment of this development … to review its impact on the sector,” noting continued government commitment to a “stable, transparent, and forward-looking policy environment” for the nation’s digital economy.

“Given the strategic importance of telecommunications infrastructure to national security, economic growth, financial services, innovation and social inclusion,” Tijani says, “the Ministry will undertake a thorough assessment of this development … to review its impact on the sector,” noting continued government commitment to a “stable, transparent, and forward-looking policy environment” for the nation’s digital economy.

MTN-IHS Towers deal: Telecoms is strategic to national security, Minister says

The announcement comes against the backdrop of MTN Group’s disclosure on Tuesday that it intends to acquire full ownership of IHS, consolidating its existing roughly 24% holding in the company and taking it private in a deal valued at billions of dollars. South Africa’s MTN Group and IHS Towers also announced that they have reached a definitive agreement under which MTN will acquire 100% of IHS in an all-cash transaction valuing the tower company at an enterprise value of approximately ₦8.37 trillion ($6.2 billion). The board of IHS Towers has unanimously approved the transaction and recommended that shareholders vote in favour. MTN has also committed to vote its shares in support of the deal, while long-term shareholder Wendel has provided a letter of support. Upon completion, IHS Towers’ shares will be delisted from the New York Stock Exchange, and the company will become a wholly owned subsidiary of MTN. Funding for the acquisition will include MTN’s existing 24% stake in IHS Towers, cash contributions from both companies, and the rollover of existing IHS Towers debt. The transaction is expected to close in 2026, subject to shareholder and regulatory approvals, as well as the completion of planned sales of IHS Towers’ Latin American tower and fibre operations.

Tijani notes that recent financial results from major telecoms operators indicate improved profitability, increased infrastructure investment, and operational stability. “This progress reflects the resilience of the industry and the impact of reforms aimed at ensuring its viability and capacity to continue delivering meaningful connectivity to Nigerians,” he says.

IHS Towers is one of the largest independent tower companies globally, operating tens of thousands of sites across multiple African markets, including Nigeria, and serving not only MTN but also rival mobile operators. This neutral infrastructure role has historically underpinned broader network expansion, competition and service quality. Analysts and industry stakeholders say the government’s review will likely focus on whether the proposed consolidation could distort competition or dilute equitable access to essential infrastructure. Tower assets are a critical layer of Nigeria’s network ecosystem, and any structural shift in their ownership has the potential to reshape competitive dynamics in the sector. Commenting on further on development, the Communications, Innovation and Digital Economy Minister, says the Federal Government has over the past two years taken deliberate steps to stabilise the telecoms sector and strengthen investor confidence. “Through policy clarity, regulatory support, and sustained engagement with industry stakeholders, government has prioritised long-term sustainability, investor confidence, and improved sector performance.” Tijani notes that recent financial results from major telecoms operators indicate improved profitability, increased infrastructure investment, and operational stability. “This progress reflects the resilience of the industry and the impact of reforms aimed at ensuring its viability and capacity to continue delivering meaningful connectivity to Nigerians,” he says. The Minister says the acquisition will now be assessed with regulatory authorities to evaluate its impact on national security, economic growth, financial services, innovation, and social inclusion. “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,” Tijani says. IHS Towers is one of the largest independent owners and operators of shared communications infrastructure globally, while MTN is a leading pan-African mobile operator. Analysts suggest the transaction reflects growing consolidation trends in the African telecoms market and could accelerate infrastructure investment across key regions, including Nigeria. The Minister concludes that it remains committed to maintaining “a stable, transparent, and forward-looking policy environment that keeps Nigeria’s telecommunications industry on a strong and sustainable path,” signalling careful oversight of the transaction’s potential effects on both the sector and consumers The ministry’s review is expected to involve the Nigerian Communications Commission (NCC) and other regulatory agencies as part of standard merger control processes. No timeline for the completion of the assessment has been disclosed yet by the Minister.