MTN Group is looking for Nigerian investors to acquire a 30% stake in IHS Nigeria as it moves closer to completing its $6.2 billion acquisition of IHS Towers.
The stake could be worth between $900 million and $1.1 billion, according to people familiar with the matter cited by Bloomberg.
MTN CEO Ralph Mupita said:
“Proceeds from the sale would be used to pay down debt linked to the IHS acquisition, with the transaction expected to be done at a market-based valuation.”
The development follows the Federal Competition and Consumer Protection Commission (FCCPC)’s conditional approval of MTN’s acquisition. As TechMedia Africa reported on August 24, the approval requires MTN to eventually sell up to 30 percent of the Nigerian component of IHS to other investors at market prices.
Why MTN needs to sell part of IHS Nigeria
The answer starts with the FCCPC’s condition for approving the acquisition.
MTN already owns a minority stake in IHS Towers and agreed earlier this year to acquire the remaining roughly 75 percent of the company in a deal valued at $6.2 billion. If completed, MTN would take much greater control of the tower company and its infrastructure across several African markets.
The FCCPC has required MTN to sell down up to 30 percent of the Nigerian component of IHS over time. The stake must be sold to other investors at market prices, meaning MTN cannot simply acquire the Nigerian business and retain all of it.
The latest development shows that MTN is now looking for those investors.
The company has not publicly named potential buyers or confirmed the final value of the stake. Bloomberg sources estimate that the 30 percent interest could raise between $900 million and $1.1 billion, although the final amount will depend on the valuation agreed with investors.
This also means the sell-down is not the same thing as MTN abandoning its interest in IHS Nigeria. MTN would still retain the majority interest while bringing local investors into the business.
What Nigerian investors would be buying
IHS Nigeria is not a mobile network operator. It is a telecommunications infrastructure company that owns and operates the towers that mobile operators use to provide network services.
The Nigerian business operates about 18,000 mobile phone towers, making it the largest asset within IHS Towers, according to Bloomberg’s sources. Across Africa, IHS operates about 29,000 towers, with Nigeria and South Africa among its biggest markets.
The importance of those towers is easy to understand.
When someone makes a call, sends a WhatsApp message or uses mobile data, their phone needs to connect to a network. That network depends on physical infrastructure, including towers, fibre and other equipment.
Nigeria’s growing demand for mobile and digital services therefore creates a corresponding need for more telecom infrastructure.
IHS’s own data presented by MTN shows that Nigeria had 15,942 IHS towers as of the third quarter of 2025, with IHS holding the number-one position among independent tower companies in the Nigerian market.
The wider African market is also expected to grow. The telecom towers market in Africa is projected to increase by 19 percent to $4.75 billion by 2031, according to Mordor Intelligence.
For MTN, however, the immediate attraction is not simply the value of the towers. The proceeds from the sell-down will help reduce the debt associated with acquiring IHS, according to Mupita.