MTN To Inject N640bn Into Expansion Plan In Nigeria

June 22, (THEWILL)- MTN Nigeria has disclosed plans to invest N640 billion naira ($1.5 billion) over the next three years to expand broadband access across the country.

The move is in line with the Nigerian government’s 2020 to 2025 National Broadband Plan ambitions of 90% broadband population coverage by 2025 and MTN Group’s Ambition 2025 strategy.

The President and Chief Executive Officer, MTN Group, Ralph Mupita, made this known during a three-day visit to Abuja and Lagos.

“Nigeria is one of our most important markets. We have a proud history of partnering with Nigeria and Nigerians to drive faster and more inclusive growth through digital transformation,”
Mupita said.

He added that the group’s plans to sell down 14% of MTN Nigeria to Nigerian investors were well advanced and this would happen as soon as conditions were conducive.

MTN Nigeria, in which MTN Group has a 78.8% stake, sought to have the largest retail shareholder base on the Nigerian Stock Exchange, where it has a market capitalisation of 3.4-trillion naira, or about $8.2-billion.

The group also plans to build a new flagship headquarters in Lagos to mark the 20th anniversary of MTN’s operations in the country.

“To mark the 20th anniversary of MTN’s operations in Nigeria, MTN Nigeria plans to build a new flagship headquarters in Lagos,” Mupita said.

On June 17, Mupita, accompanied by MTN Group CFO Tsholo Molefe, landed in Nigeria for his first working visit since assuming office in 2020.

The delegation was joined by MTN Nigeria Chairperson, Ernest Ndukwe, and MTN Nigeria CEO, Karl Toriola, as they met with select partners and key stakeholders in the country, including: President Muhammadu Buhari; Vice President Oluyemi Oluleke Osinbajo; Minister of Communications and Digital Economy, Dr. Isa Ali Pantami;  Executive Vice Chairman Prof. Umar Garba Danbatta; as well as Central Bank of Nigeria Governor, Godwin Emefiele.

The delegation also welcomed Nigeria’s plans to auction 500 MHz of fifth-generation spectrum, which comprises five blocks of 100 MHz in the 3,500 MHz band, which Mupita said would facilitate accelerated broadband access.