The Federal Government has disclosed that the proposed $6.2 billion acquisition of IHS Holding Limited by MTN Group will undergo an extensive regulatory assessment, citing the strategic importance of telecommunications infrastructure to Nigeria’s economy and national security framework.
The position was contained in a statement issued on Tuesday by the Minister of Communications, Innovation and Digital Economy, Bosun Tijani.
The planned transaction, structured as an all-cash offer, would result in MTN acquiring full ownership of IHS and subsequently delisting the tower company to operate as a wholly owned subsidiary.
MTN already maintains a substantial minority stake in IHS, regarded as one of Africa’s largest independent tower operators with tens of thousands of sites across key markets, including Nigeria.
In the statement, Tijani said the government was monitoring developments surrounding the deal.
“The Federal Ministry of Communications, Innovation & Digital Economy notes recent developments in the Nigerian telecommunications sector regarding the acquisition of IHS Towers by MTN Group,” the minister stated.
He explained that over the past two years, under the administration of Bola Tinubu, reforms have been implemented to stabilise and reposition the telecommunications industry as a central pillar of Nigeria’s digital economy.
“Through policy clarity, regulatory support, and sustained engagement with industry stakeholders, government has prioritised long-term sustainability, investor confidence, and improved sector performance,” Tijani said.
He emphasised that the proposed acquisition would not be handled as a routine corporate exercise, given the sensitive nature of telecoms infrastructure assets.
“Given the strategic importance of telecommunications infrastructure to national security, economic growth, financial services, innovation, and social inclusion, and to ensure strategic actions by private sector operators are in line with the market development agenda under the Renewed Hope policy directions of the President, the Ministry will undertake a thorough assessment of this development in collaboration with the relevant regulatory authorities to review its impact on the sector,” he stated.
Nigeria’s telecommunications network supports banking operations, fintech services, e-commerce activities, public service systems and emerging digital solutions, making ownership and control of tower infrastructure significant beyond commercial considerations.
Tijani noted recent signs of recovery in the industry, pointing to improved financial outcomes recorded by major operators.
“Recent financial results announced by key operators indicate a return to improved profitability, increased investment in telecoms infrastructure and operational stability across the sector,” he said.
“This progress reflects the resilience of the industry and the impact of reforms aimed at ensuring its viability and capacity to continue delivering meaningful connectivity to Nigerians.”
He stressed that safeguarding consumers and sustaining long-term sector stability remain central to the government’s approach.
“Our objective is clear: to ensure that any market consolidation or structural changes protect consumers, safeguard investments, and preserve the long-term sustainability of the sector,” the minister said.
MTN Group had earlier reached an agreement to acquire IHS Towers, one of the world’s largest independent owners and operators of shared telecom infrastructure, in a deal valuing the company at approximately $6.2 billion.
The agreement followed weeks of negotiations between the two companies, which had been publicly reported earlier in the month. Under the terms of the merger, IHS shareholders are to receive $8.50 per ordinary share in cash, representing a 36 per cent premium to the company’s 52-week volume-weighted average price and a 3 per cent premium to its unaffected closing price of $8.23 as of February 4, 2026.
