MTN Group to reduce its shareholding in Nigeria to 65%

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MTN Group has indicated interest to reduce its shareholding in MTN Nigeria to approximately 65%, TechEconomy.ng can report.
Nigeria is the Group’s most lucrative market in Africa, Asia and the Middle East, as ​​well as the source of a third of the income of the entire MTN Group.
Presently, the Group owns 75.6% of MTN Nigeria and continues to work towards further broadening the local shareholder base, as part of its commitment to the Nigerian market.
MTN Group this week committed to support a bi-national conference for businesses operating in South Africa and Nigeria during the first visit to its South African headquarters of the chairman of MTN Nigeria, the Group’s biggest operating company.
The commitment was made to Muhammed Haruna Manta, the Nigerian High Commissioner to South Africa, when he met with the MTN Nigeria delegation, led by Dr. Ernest Ndukwe, MTN Nigeria Chairman and Karl Toriola, MTN Nigeria’s CEO at MTN Group headquarters in Fairland.

 

Mcebisi Jonas, MTN Group Chairman and Ralph Mupita, the Group President and CEO hosted the visit.

Jonas said the trip from the Group’s Nigerian colleagues was productive: “It has been a fruitful two days in which, together with our Nigeria team, we were able to unpack our plans in Nigeria and how these align to the Group’s strategic intent of providing leading digital solutions for Africa’s progress.”

Ndukwe said MTN Nigeria was committed to Nigeria’s socioeconomic development: “MTN Nigeria believes that we should not only provide a service to customers, but also deepen connectivity access as well as drive financial inclusion. To this end, for 2022 MTN Nigeria intends to ensure the connectivity of an additional 2 000 rural communities and has secured 100 MHz of 3500 spectrum to enable Nigeria’s move to 5G.”

Mupita underscored the importance of MTN’s operations in Nigeria and South Africa to the overall health of the Group: “Nigeria and South Africa are our largest operations, contributing two-thirds of the value of the Group. Supporting the strengthening of economic and business relationships between the two countries is in line with our strategic priority to create shared value.”

Toriola elaborated on his operation’s role in creating shared value: “MTN Nigeria is committed to supporting the economic development of the country through driving public-private partnerships and initiatives such as CACOVID, the AU vaccine initiative and the construction of the Enugu-Onitsha Expressway.”

MTN Group owns 75.6% of MTN Nigeria and continues to work towards further broadening the local shareholder base, subject to market conditions and regulatory approvals.

“Over the medium term, we aim to reduce our shareholding to approximately 65%”.

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