MTN Secures NCC, FCCPC Approval for $2.2bn IHS Towers Takeover

By Adedapo Adesanya

The Nigerian Communications Commission (NCC) and the Federal Competition and Consumer Protection Commission (FCCPC) have approved MTN’s proposed $2.2 billion acquisition of IHS Towers.

According to MTN Group’s earnings results for the first half of 2026 released on Monday, the approval signals an important step in the group’s move to control the infrastructure that powers the connectivity of its over 300 million customers.

“The transaction has received approval from various regulators, including Nigeria’s Federal Competition and Consumer Protection Commission,” MTN said.

Following the announcement of the deal in February, the Nigerian government said it wants to assess the proposed acquisition regarding its future impact on the Nigerian telecoms industry.

In addition, the Minister of Communications, Innovation, and Digital Economy, Mr Bosun Tijani, explained that the review is to ascertain its impact on the long-term sustainability, investor confidence, and performance of the industry. It is also an effort to stabilise the telecoms sector as a critical pillar of Nigeria’s digital economy.

The regulatory approvals ease worries that the acquisition will affect competition and the industry at large.

The transaction will see MTN transition from being a minority shareholder in IHS to a full owner. It will also see IHS exit from the New York Stock Exchange and become a wholly owned subsidiary of MTN.

The regulators noted that MTN cannot keep 100 per cent of IHS Nigeria, but the operator is expected to sell a 30 per cent stake in the Nigerian branch to local Nigerian investors at a fair market price.

“MTN will sell down 30 per cent of IHS Nigeria to local Nigerian investors, on an arm’s-length commercial basis and subject to market conditions,” part of the statement reads.

The clause is expected to protect local competitors and avoid a single foreign giant having total control over critical infrastructure. It also allows local businesses and investors to hold equity in essential national infrastructure like telecom towers.

The proposed merger first came to light in early February when MTN disclosed its plan to acquire the remaining 75 per cent stake in IHS Holdings to investors. Recently, IHS Towers’ stakeholders approved the acquisition.

MTN also revealed that it wants to reduce the total number of its shares available on the market.

In the process, MTN said it will spend $375.5 million to buy back up to 31 billion of its own shares from the open market and effectively delete them.

“The share buyback programme is part of the shareholder remuneration framework announced with the launch of Ambition 2030, of delivering between 40 per cent and 60 per cent of equity-free cash flow to shareholders either in cash dividends or share buybacks,” the telco said.