MTN says move to sell 14% of Nigerian business underway, plans to invest $1.5b to expand broadband access

MTN says move to sell 14% of Nigerian business underway, plans to invest $1.5b to expand broadband access

The management of MTN Nigeria has disclosed that plans to sell down 14% of its business to local investors is underway.

The declaration comes as the company also revealed plans to invest $1.5bn to boost broadband access across Nigeria.

Specifically, the investment, which comes up to nearly N640bn will be spread over the next three years; with MTN disclosing that the plan is in line with its commitment to drive more inclusive growth in Nigeria; Africa’s biggest market. In a statement, the MTN Group also reaffirmed its support for the Nigerian Broadband Plan; which aims to ensure 90% broadband coverage nationwide by 2025.

Also, the company has hailed plans by the Nigerian government to auction 500MHz of 5G spectrum. The spectrum, five blocks of 100MHz in the 3500MHz band, has been described by the company as a laudable step; one that would facilitate accelerated broadband access in the country.

Ralph Mupita, CEO & President, MTN Group, says the development aligns with MTN Group’s belief that everyone deserves the benefits of a modern connected life; in line with its bid to extend digital and financial inclusion across Africa.

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MTN

Furthermore, he restated the company’s interest in Nigeria as one of its most key markets.

‘‘Nigeria is one of our most important markets. We have a proud history of partnering with Nigeria and Nigerians to drive faster and more inclusive growth through digital transformation,’’ he stated.

Meanwhile, the company says the plan to sell 14% of MTN Nigeria to Nigerian investors were well advanced. Equally important, MTN says this would happen as soon as conditions were conducive.

Feelers reveal that MTN Nigeria, in which MTN Group has a 78,8% stake; is looking to gain the largest retail shareholder base on the Nigerian Stock Exchange; where it has a market capitalisation of 3.4 trillion naira (US$8.2 billion).

1st News reports that the company is unarguably a leading player in the Nigerian telecoms industry; with a subscriber base accounting for nearly 40% of Nigeria’s total, according to data from the Nigerian Communications Commission (NCC).

 

 

 

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