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MTN hints on $1.5bn broadband investment in Nigeria; stakes 14% shares for locals

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MTN Group in Nigeria
MTN Group delegation led by the President and Chief Executive Officer, Ralph Mupita, met with the Vice President of Nigeria, Prof. Yemi Osinbajo

MTN Nigeria plans to invest 640 billion naira (approximately US$1.5 billion) over the next three years to expand broadband access across the continent’s most populous country.

This, the Group said, is in line with the federal government’s 2020-2025 National Broadband Plan and in support of MTN Group’s strategy, Ambition 2025: Leading digital solutions for Africa’s progress.

Similarly, MTN Group has disclosed plans to sell down 14% of MTN Nigeria to Nigerian investors.

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,” said the Group’s President and Chief Executive Officer, Ralph Mupita after a three-day visit to Abuja and Lagos, in which he met a number of key stakeholders.

These included President Muhammadu Buhari; Vice President Oluyemi Oluleke Osinbajo; Minister of Communications and Digital Economy Dr Isa Ali Pantami;  Executive Vice Chairman Prof Umar Garba Danbatta; as well as Central Bank of Nigeria Governor Godwin Emefiele.

Mupita – who was accompanied by Group’s Chief Financial Officer, Tsholo Molefe, MTN Nigeria Chairman Ernest Ndukwe and the Nigeria CEO Karl Toriola – reiterated MTN’s support for Nigeria’s plans to secure 90% broadband population coverage by 2025.

This aligns with the Group’s belief that everyone deserves the benefits of a modern connected life and our work to extend digital and financial inclusion across Africa.

The delegation welcomed Nigeria’s plans to auction 500MHz of 5G spectrum: five blocks of 100MHz in the 3500MHz band, which Mupita said would facilitate accelerated broadband access.

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He said MTN Group’s plans to sell down 14% of MTN Nigeria to Nigerian investors were well advanced and this would happen as soon as conditions were conducive.

The Nigerian business, in which MTN Group has a 78,8% stake, sought to have 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).

To mark the 20th anniversary of MTN’s operations in Nigeria, MTN Nigeria plans to build a new flagship headquarters in Lagos,” concluded Mupita.

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