The Federal Government has confirmed that MTN Group’s proposed $6.2 billion acquisition of IHS Holding Limited will undergo a full regulatory review to assess its implications for Nigeria’s telecommunications sector.
MTN Group had announced on February 17, 2026, that it reached an agreement to acquire a 75.3% stake in IHS Holding Limited, marking one of the largest infrastructure consolidation deals in Africa’s telecom space.
Reacting to the development, Dr. Bosun Tijani, minister of Communications, Innovation and Digital Economy, said the Federal Government would collaborate with relevant regulators to thoroughly examine the transaction.
According to the Minister, telecommunications infrastructure remains a strategic national asset with implications for security, economic growth, digital innovation, and financial inclusion.
Given its importance, Tijani noted that the proposed transaction would be carefully reviewed to determine its potential impact on market structure, competition, and long-term sector sustainability.
Focus Areas of the Review
The government’s review is expected to focus on market concentration risks, structural shifts within the telecom ecosystem, consumer protection safeguards, and investor confidence.
Long-term sustainability of the sector
Industry analysts note that MTN already maintains a significant footprint in Nigeria’s telecom market. A reintegration of tower infrastructure into its core operations could alter competitive dynamics, particularly for independent tower operators.
Sector Reforms and Industry Resilience
Tijani also highlighted that over the past two years, the government has implemented policy reforms and engaged stakeholders to stabilise the telecommunications industry.
He referenced recent financial results from major operators, which indicate improved profitability, renewed infrastructure investments, and enhanced operational resilience.
“These gains reflect the resilience of the industry and the impact of government reforms,” the Minister stated.
The transaction, if approved, would represent a strategic shift in Nigeria’s telecom infrastructure landscape.
Over the last decade, operators across emerging markets have spun off tower assets to unlock capital and reduce balance sheet pressures.
MTN’s move to reacquire a controlling stake in IHS signals a potential pivot toward infrastructure consolidation.
Regulatory clearance will likely determine whether the deal proceeds in its current structure or faces conditions aimed at preserving market competition.
