MTN Group is looking for Nigerian investors to take up to a 30 per cent stake in IHS Nigeria as it works to complete its acquisition of IHS Holding Limited, in a transaction that could be worth between $900 million and $1.1 billion.
The proposed investment is attracting attention because it could give Nigerian institutional and private investors a direct ownership position in one of the country’s most important telecommunications infrastructure businesses.
The development was first reported by Bloomberg, which cited people familiar with the discussions who asked not to be identified because the negotiations are private. The reported value of the stake has not been officially confirmed by MTN, and the final terms could change before any transaction is concluded.
MTN Chief Executive Officer Ralph Mupita has confirmed that the group is considering a sell-down and said proceeds would be used to reduce debt related to its IHS transaction. He also indicated that the sale would be carried out using a market-oriented valuation.
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Why MTN is bringing in Nigerian investors
At first glance, it may seem unusual for MTN to pursue greater ownership of IHS while preparing to sell part of its Nigerian business. However, the planned sale is directly connected to the conditions imposed by Nigerian regulators.
The Federal Competition and Consumer Protection Commission, FCCPC, gave conditional approval for MTN’s proposed acquisition of IHS Holding on August 24, 2026. One of the conditions requires MTN to sell down up to 30 per cent of the Nigerian component of the IHS business to Nigerian investors at market prices over time. Reuters also reported that the regulator’s condition was part of the approval for the transaction.
The reasoning is significant. IHS Nigeria owns and operates telecommunications towers that are used by several mobile network operators, meaning the infrastructure is not only important to MTN Nigeria but also supports competitors such as Airtel and T2 Mobile.
Allowing Nigerian investors to hold a meaningful minority position therefore gives the local market a level of ownership while addressing competition concerns surrounding MTN gaining greater control of the infrastructure provider.
Back story: MTN’s planned IHS takeover
The proposed stake sale cannot be separated from MTN’s broader plan to acquire the part of IHS Holding it does not already own.
MTN announced earlier in 2026 that it had entered into an agreement to acquire approximately 75 per cent of IHS Holding that was outside its existing ownership. The wider transaction values IHS at about $6.2 billion on an enterprise value basis. IHS shareholders approved the transaction in August, bringing the takeover closer to completion.
Nigeria is particularly important to that deal. IHS operates around 29,000 towers across Africa, while its Nigerian operation accounts for approximately 18,000 towers, making the country its largest market.
MTN and IHS also have a long-standing relationship. Over the years, MTN has transferred thousands of towers to IHS through sale-and-leaseback arrangements. Their infrastructure relationship has consequently become a major part of the African telecommunications landscape.
What the deal could mean for Nigeria
For Nigerian investors, this could become one of the more significant opportunities to participate directly in telecom infrastructure without owning a mobile network operator.
The business behind the proposed stake is easy to overlook because consumers rarely think about the towers connecting their phones. Yet those towers form part of the physical backbone supporting mobile calls, internet access, mobile money, digital banking and other services used by millions of Nigerians every day.
The opportunity could therefore appeal particularly to large institutional investors with the capacity to make sizeable infrastructure investments.
For MTN, the immediate benefits are more straightforward. The company can satisfy an important regulatory condition while potentially generating hundreds of millions of dollars that can be directed towards reducing debt associated with the IHS acquisition. Mupita has already said the proceeds from the sell-down would be used for that purpose.
What remains unclear is who the Nigerian buyers will be, how the 30 per cent stake will be divided and when the transaction will close. MTN has not publicly disclosed prospective investors or a final valuation.
Still, the direction is becoming clear. MTN is moving towards greater control of IHS while regulators are ensuring that Nigerian investors retain a meaningful stake in the local tower business.
The proposed $900 million to $1.1 billion transaction could consequently become more than a financing exercise. It could create a new avenue for Nigerian capital to participate in the infrastructure powering the country’s increasingly digital economy.
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