Nigerian regulators have cleared MTN’s $2.2 billion acquisition of IHS Towers. The Nigerian Communications Commission and the Federal Competition and Consumer Protection Commission both approved the transaction. But the approval comes with one major condition. MTN must sell down 30 percent of IHS Nigeria to local Nigerian investors.
MTN confirmed the news in its earnings results for the first half of 2026. The company released the results on Monday. It described the approval as an important step in its plan to take control of the infrastructure that powers connectivity for its more than 300 million customers across Africa.
The deal has faced close scrutiny since MTN first announced it in February. At the time, the Nigerian government said it wanted to assess the transaction. Officials were especially concerned about its long term impact on the local telecoms industry.
Experts also raised a red flag early on. IHS towers do not only serve MTN. They also serve other major operators such as Airtel Nigeria and T2mobile. So if MTN took full control of that shared infrastructure, it could gain outsized power over a resource its rivals depend on.
This is where the Minister of Communications, Innovation, and Digital Economy, Dr Bosun Tijani, stepped in. He said the review would protect the long term sustainability, investor confidence, and performance of the telecoms sector. He also called it part of a wider effort to stabilise the industry as a key pillar of Nigeria’s digital economy.
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Now, with the local stake requirement in place, regulators appear satisfied. They believe the acquisition will not harm competition or hand MTN unchecked dominance over tower infrastructure. The 30 percent sell down protects rival operators. It also keeps local businesses and investors involved in critical national infrastructure, even after MTN takes full ownership of IHS Nigeria.
Overall, the wider deal covers the remaining 75 percent stake in IHS Holdings that MTN does not already own. IHS shareholders approved the acquisition earlier this month. That cleared another major hurdle for the transaction. MTN now has regulatory backing from Nigeria’s two key telecom authorities, plus sign off from other jurisdictions where IHS operates.
Beyond the tower deal, MTN made another big announcement. The company revealed a new share buyback programme in its half year results. It plans to spend $375.5 million to repurchase and cancel up to 31 billion of its own shares from the open market. According to MTN, the programme forms part of its shareholder remuneration framework under Ambition 2030. That strategy commits the group to returning between 40 and 60 percent of equity free cash flow to shareholders through dividends or buybacks.
Together, both moves point in the same direction. MTN is tightening its grip on the infrastructure behind its network. At the same time, it is rewarding shareholders as the group pushes forward with its Ambition 2030 goals around connectivity, fintech, and digital infrastructure.
