The Federal Government has announced plans to conduct a thorough review of MTN Group’s proposed $6.2 billion acquisition of IHS Holding Limited, citing the strategic importance of telecommunications infrastructure to Nigeria’s economy and national security.
The deal, structured as an all-cash transaction, would see IHS delisted and become a wholly owned subsidiary of MTN, Africa’s largest mobile operator by subscribers.
In a statement issued Tuesday, the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, said the government was closely monitoring developments.
“The Federal Ministry of Communications, Innovation and Digital Economy notes recent developments in the Nigerian telecommunications sector regarding the acquisition of IHS Towers by MTN Group,” the minister stated.
Tijani explained that under President Bola Tinubu’s administration, deliberate steps had been taken to stabilise and strengthen the telecoms sector as a key pillar of Nigeria’s digital economy.
“Through policy clarity, regulatory support, and sustained engagement with industry stakeholders, the government has prioritised long-term sustainability, investor confidence, and improved sector performance,” he said.
MTN already holds a minority stake in IHS, one of Africa’s largest independent tower operators with tens of thousands of sites across key markets, including Nigeria. The proposed acquisition would consolidate ownership of critical passive infrastructure under MTN.
The minister stressed that the government would not treat the transaction as routine, given its sensitivity.
“Given the strategic importance of telecommunications infrastructure to national security, economic growth, financial services, innovation, and social inclusion, the ministry will undertake a thorough assessment of this development in collaboration with the relevant regulatory authorities to review its impact on the sector,” Tijani noted.
He added that the government’s objective was to ensure that any market consolidation protects consumers, safeguards investments, and preserves the long-term sustainability of the sector.
The review will involve regulators such as the Nigerian Communications Commission and competition authorities as part of standard merger control processes.
If approved, the deal would represent one of Africa’s largest telecom infrastructure transactions in recent years, marking a shift in MTN’s strategy from outsourcing towers to direct ownership.
