The Federal Government has announced plans to carry out a detailed review of the proposed $6.2 billion acquisition of IHS Holding Limited by MTN Group, citing the strategic importance of telecommunications infrastructure to Nigeria’s economy and national security.
The proposed deal, earlier announced by MTN, involves an all-cash transaction valued at $6.2 billion that would see IHS Holding Limited delisted and become a wholly owned subsidiary of the telecom giant.
In a statement issued on Tuesday, the Minister of Communications, Innovation and Digital Economy, Bosun Tijani, said the government was closely monitoring developments in the sector.
“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 said.
Tijani explained that under the leadership of Bola Tinubu, the administration has taken deliberate steps over the past two years to stabilise and strengthen the telecommunications sector as a key driver of Nigeria’s digital economy.
According to him, reforms centred on policy clarity, regulatory backing and consistent engagement with industry stakeholders have helped restore investor confidence and improve sector performance.
MTN already owns a significant minority stake in IHS, one of Africa’s largest independent tower operators, with tens of thousands of telecom towers across major markets, including Nigeria. If completed, the transaction would consolidate ownership of critical passive infrastructure under the continent’s largest mobile operator by subscribers.
While acknowledging recent improvements in the financial health of telecom operators including increased profitability and infrastructure investment, the minister stressed that the proposed acquisition would not be treated as a routine commercial transaction.
He noted that telecom infrastructure plays a central role in national security, economic growth, financial services, innovation and social inclusion. As such, any major structural shift in ownership must align with the government’s broader market development agenda under the Renewed Hope policy direction.
“Given the strategic importance of telecommunications infrastructure… 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 stated.
Nigeria’s telecoms network underpins critical sectors such as banking, fintech, e-commerce, public services and emerging technologies, making tower ownership a matter that extends beyond business considerations.
Industry observers say the acquisition could significantly alter competition in infrastructure sharing and tower lease pricing, particularly for smaller telecom operators that depend on IHS facilities for network expansion.
Tijani, however, assured stakeholders that the government’s objective remains clear: to ensure that any market consolidation protects consumers, safeguards investments and preserves the long-term sustainability of the sector.
The review is expected to involve key regulators, including the Nigerian Communications Commission, as well as competition authorities under standard merger control procedures.
If approved, the transaction would rank among the largest telecom infrastructure deals in Africa in recent years and could signal a strategic shift by MTN from its previous asset-light model of tower outsourcing to direct ownership of infrastructure.
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