FCCPC clears MTN-IHS $2.2bn deal but orders 30% Nigeria stake sell-down
Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) has cleared MTN Group’s $2.2 billion purchase of IHS Towers, but imposed a condition: MTN must sell down up to 30 percent of its stake in the Nigerian arm of IHS Towers at market prices over time. The regulator says the sell‑down will curb MTN’s dominance of telecoms tower infrastructure and level the playing field for rivals such as Airtel and T2 Mobile.
The approval follows MTN’s strong first‑half 2026 results, where EBITDA rose 24.4 percent to R56 billion, service revenue grew 9.7 percent to R115.3 billion, and the subscriber base increased 6.7 percent to 317.7 million active users. MTN had also approved a R6 billion ($375 million) share buyback after those results.
For Nigerians, the condition could mean more competitive tower leasing rates and better service quality as other operators gain access to infrastructure. It also signals that foreign telecoms investors will face scrutiny when consolidating local assets.
Will the mandated sell‑down create genuine opportunities for indigenous tower companies, or will it simply shift ownership among existing foreign players?